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Tuned In On Sirius XM (SIRI)

Tuned In On Sirius XM SIRI

After breaching its previous 52-week high of 0.89, Sirius XM Radio (NASDAQ: SIRI) is approaching the fabled $1 mark for the first time since September, 2008.

I say fabled because SIRI investors have forgotten what being above $1 a share feels like. At one point the stock was as low as $0.05 a share. That's right; you used to be able to buy shares of stock of Sirius XM, a company worth $9 billion, for pocket change.

Now, though, it appears as if the tide is turning. The surprising resurgence in the domestic auto industry is spearheading a rise in Sirius stock that began back in March, 2009. Sirius XM grew its subscriber base in 4Q09 by 257,000 - 1.5% of its customer base. SIRI now claims over 18.8 million subscribers, a number that has swelled for the past two quarters.

It looks like SIRI is turning itself around, and while a good portion of any future growth is predicated on continued growth in auto sales, I think SIRI will break through the $1 mark very soon.

Posted-In: Earnings Long Ideas Markets Movers Tech Trading Ideas


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