Shares of Sirius XM Radio Inc(NASDAQ:SIRI) are showing impressive strength in the past one week after showing recovery in early July, which had pushed the stock price all the way from $1.84 to $2.11 in just one week, breaching a key psychological barrier of $2 mark.
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After continuous selling since the beginning of May, the stock started the month of July on very optimistic note and rose 7% on the very first trading session of the day. There was no news for such large up moves. However, the stock witnessed huge buying on technical optimism.
On July 09, investors gained further confidence after the company lifted its full year revenue outlook backed by increased forecast for its subscribers. The company said now it expected to earn $3.4 billion with subscribers addition of 1.6 million, compared to its latest guidance of revenue of $3.3 billion and 1.5 million of subscribers in February.
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For the second quarter, the company unexpectedly reported solid subscribers’ growth with net subscribers addition of 622,042, representing 38% growth from the 452,147 net subscribers it added in the same quarter a year ago.
After the recent rally, the stock broken above its 50-Day Moving Average and 200-Day Moving Average price of $1.94 and $2.10 respectively. Moreover, the recent rebound was driven by strong volume, which is a positive indicator.
Here is the summary of insiders Transactions for SIRI since mid April:-