The new bull; Sirius XM Radio Inc. (SIRI)

Written by Ifham khan

Sirius XM Radio Inc. (NASDAQ:SIRI) is currently trading at 2.12 USD which is 0.01 USD or 0.46 % less than its previous close. The stock started trading at 2.13 USD per share and traded at an intraday low of 2.09 USD per share and reached an intraday high of 2.14 USD per share. The shock has 52 week range of 0.86 – 2.14 USD and market capital of 8.40B USD.

The analysts at Janco Partners has downgraded the shares of the company from from BUY to ACCUMULATE ratings following its first quarter 2011 results. However, It has raised the price target for the share to $2.15 from $2.10.

The company has reported to have added over 373,000 subscribers in the quarter which would bring the totals to an all time high of 20.6 million. Its net income has increased $78 million as compared to last year’s $41.5 million. Its total operating expenses were $559.7 million compared with $538.6 million in the year-ago quarter. The company has been able to generate $18.1 million of cash from operations. In Q1 2011 the company has $433.7 million cash and cash equivalents and $2,766.8 million of outstanding debt.

The company has entered into a multi year broadcast agreement with Manchester United Football Club as the official U.S. radio broadcaster of Manchester United. Now the company will have access to live play-by-play of every Manchester United English Premier League match and will hear the official Manchester United club broadcast. The company has also extended its contract with Howard Stern for 5 more years. Now the company will broadcast the contents of Howard Stern till December 31, 2015 and will also provide some additional features to its subscribers like shock jock’s content on mobile devices.

The company expects revenue of approximately $3 billion and adjusted EBITDA is projected to approximate $715 million. The analysts at Reuters Estimates anticipated revenue of $3.08 billion and EBITDA of $769 million for fiscal 2011.

About the author

Ifham khan

Ifham Khan is an experienced Blogger, SEO expert, Graphic Designer and Founder of tech24 and Co-founder of MashinMedia. He has in depth knowledge in Technology, Gadgets and sports. Currently working as a Editor in Tech24 and lead designer in MashinMedia.

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