Sirius XM stock (SIRI) surged more than 42% today on abnormally high volume. The stock was halted several times over the course of the day.
The stock’s average trading volume over the last 100 days has been around 17 million, according to Benzinga. Meanwhile, SIRI volume on July 20 peaked at 126 million shares. The stock was trending on social media platforms most of the day, becoming one of the most mentioned stock tickers on StockTwits. SIRI is one of the most short-sold stocks in the market at 34.45% according to estimates.
Sirius XM will report its Q2 2023 financial results on August 1. Analysts expect the company to report earnings of $0.07 per share on quarterly revenue of $2.24 billion. The satellite radio company has missed its earnings estimates in three of its last four quarters.
SIRI hit its first volatility pause trigger at 2:22 pm ET and was halted twice more by 2:35 pm. This is the biggest intrasession gain for the stock in more than 14 years, bringing it to a two-year high. Seeking Alpha reports that trading in SIRI is of interest to those who invested through Liberty Media’s stake in the company.
Liberty Media wrapped up its split-off of Atlanta Braves Holdings into a separate publicly traded company. That means Liberty Sirius XM shares next month will be split into a new Liberty Sirius XM share and 0.25 share of a new Liberty Live tracker for the company’s stake in Live Nation.
Despite the positive stock news, Sirius XM is facing a class action lawsuit in New York federal court. The lawsuit alleges Sirius XM violated federal labor laws by failing to pay certain non-exempt employees for time they worked before and after their shift. The lawsuit was filed on July 14 by Kellee Mitchell who worked remotely for Sirius XM has a customer service rep from November 2020 to August 2021.