Sirius XM on the Rise: Thanks to Berkshire Hathaway Investment, Stock Prices are Increasing

The shares of Sirius XM experienced a significant price increase of 7.9% in the last trading session, closing at $26.90. This remarkable gain can be attributed to exceptionally high trading volume, surpassing the movements of past sessions. Over the past four weeks, the stock price of Sirius XM has increased by a total of 1.7%. The recent price fireworks are driven by the announcement that Warren Buffett's investment company, Berkshire Hathaway, has increased its stake in the satellite radio provider. In several transactions, Berkshire Hathaway acquired approximately 3.6 million shares for about $87 million, raising its ownership stake to 32%. Looking ahead, Sirius XM is expected to report earnings of $0.83 per share in the upcoming quarterly report, which represents a decline of 7.8% compared to the previous year. Revenues are estimated to be $2.19 billion, a decrease of 3.4% from the prior-year period. Interestingly, quarterly earnings expectations have been raised by 6.2% in the last 30 days, which is often an indicator of future stock gains. Due to its positive prospects, Sirius XM is currently rated with a Zacks Rank #1 (Strong Buy). Another prominent player in the same industry, Townsquare Media, experienced a price increase of 1.1% in the last session to $10.56 and has a monthly return of 7%. The estimates for Townsquare Media remain unchanged, with expected earnings of $0.35 per share, a decrease of 23.9% compared to the prior-year period. Townsquare is currently rated with a Zacks Rank #3 (Hold).