Big Trades On Sirius and XM
June 27, 2006
Yesterday was a big day for both satellite radio equities, with some big players throwing their hats into the sector.
One player in particular seems to be enamored with the sector as a whole, making a BUY of 6,750,000 shares of Sirius Satellite Radio, as well as a BUY of 1,800,000 shares of XM. SSG readers can see the Sirius trade reported at 4:20 yesterday afternoon. That trade was reported after hours, but was the result of accumilation throughout the day. At the closing prices, this investors stake in satellite radio is now worth nearly $57.6 million dollars.
This kind of investment activity bodes well for those with long positions, and has to have those that are short giving a second thought to their strategy. If the sector begins to warm up further, we could see some nice PPS moves for both Sirius and XM.
At this point most analysts have a BUY on both equities with some price targets that long investors would love to see.
6/27/2006 09:26:00 AM
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