SiriusXM Analysts Turn Bearish As Short Squeeze Grips Stock
Portfolio Pulse from AJ Fabino
SiriusXM Holdings Inc (SIRI) experienced a nearly 66% surge in share prices due to a short squeeze, attracting the attention of meme stock investors. However, the stock later retreated following analyst downgrades from Deutsche Bank and Seaport Research. The surge was attributed to high short interest and preemptive buying driven by the impending NASDAQ 100 rebalance, tracked by the Invesco NASDAQ 100 ETF (QQQM). The NASDAQ-100 rebalancing may have triggered the buying of about 15 million SiriusXM shares by the Invesco QQQ Trust (QQQ). Some also attribute the stock’s sudden surge to investors unwinding a trade where they were long shares of Liberty Media Corp Series A (LSXMA), a stock created by Liberty Media which tracks, and shorts SiriusXM.
July 21, 2023 | 4:22 pm
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NEUTRAL IMPACT
Some attribute SiriusXM's stock surge to investors unwinding a trade where they were long shares of Liberty Media Corp Series A (LSXMA), a stock created by Liberty Media which tracks, and shorts SiriusXM.
Some attribute SiriusXM's stock surge to investors unwinding a trade where they were long shares of Liberty Media Corp Series A (LSXMA). However, the stock itself is not directly impacted by the news.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The NASDAQ-100 rebalancing may have triggered the buying of about 15 million SiriusXM shares by the Invesco QQQ Trust (QQQ).
The Invesco QQQ Trust (QQQ) may have bought about 15 million SiriusXM shares due to the NASDAQ-100 rebalancing. However, the ETF itself is not directly impacted by the news.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The Invesco NASDAQ 100 ETF (QQQM) tracks the NASDAQ 100, which influenced the movement of SiriusXM's stock.
The Invesco NASDAQ 100 ETF (QQQM) tracks the NASDAQ 100, which influenced the movement of SiriusXM's stock. However, the ETF itself is not directly impacted by the news.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
SiriusXM's stock experienced a surge due to a short squeeze but later retreated following analyst downgrades. The stock's movement was influenced by the impending NASDAQ 100 rebalance.
The short squeeze led to a surge in SiriusXM's stock price. However, the stock later retreated following analyst downgrades, indicating a negative short-term impact.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100