While investors should not use an insider purchase such as this as a definitive reason to invest in a company, it does represent confidence in a stock.
Sirius XM Holdings has elevated short interest as well Wednesday, with 26.85% of shares currently sold short.
The stock is down 21.92% year-to-date.
Related Link: EXCLUSIVE: Cathie Wood Flips The Script, Warns Of Looming Deflation
SIRI Price Action: Shares of SIRI were up 6.61% at $4.56 at the time of publication, according to Benzinga Pro.
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