Berkshire Buys In: SiriusXM (NASDAQ:SIRI) Slips Despite Big New Buffett Buy
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Berkshire picked up another five million shares of SiriusXM in a series of separate transactions over a three-day period, reports noted. On top of what Berkshire already owned, it now holds about 37% of outstanding shares, a combined total of 124.8 million shares worth, at one point, around $2.6 billion, reports noted.
Berkshire has been actively investing in SiriusXM since 2024, reports noted, though it is unclear whether the investing is being done at Warren Buffett's insistence or from one of his direct subordinates, Todd Combs or Ted Weschler. Interestingly, the new investment also comes after SiriusXM offered up an earnings report that saw shares slide more than expected. SiriusXM also revealed that ongoing issues in the advertising market were likely to be a problem for SiriusXM.
Drawing and Keeping Listeners
And advertising is an issue for Sirius XM now, perhaps more so than ever. Dubbed SiriusXM Play, the service is available for less than $7 a month, and offers access to 'over 130 channels.' Reports suggest that the 'ad load,' or the frequency with which advertising is presented, is slightly less than typically seen on standard FM radio.
The service is starting to roll out, noted a report from Sirius itself, and should be available to the bulk of listeners by the end of 2025. It will be interesting to see how many people actually go for Play, especially given that complete service is available for slightly more than that. Plus, Sirius is widely known for offering promotional rates and discounts to those who ask. Is this the sign of a sea change in pricing plans?
Is SiriusXM Stock a Good Buy?
Turning to Wall Street, analysts have a Hold consensus rating on SIRI stock based on three Buys, two Holds, and five Sells assigned in the past three months, as indicated by the graphic below. After a 29.81% loss in its share price over the past year, the average SIRI price target of $22.80 per share implies 5.8% upside potential.
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