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.
Can SIRI Moves Back
To its 52-week High? Get Trend
Analysis
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.
How Should Investors
Trade SIRI Now, Get Free Report
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:-
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