Sirius XM Rebounds After Major Drop

1 Jun

Shareholders of the audio service provider Sirius XM Holdings had little reason to be happy in 2024: the stock lost more than 50% of its value since December 2023. Now, a clear stabilization trend is emerging: a nearly ten-year-old sell-side liquidity was taken from the weekly chart. The price recently reacted with signs of bottom formation and made significant gains on Friday, although the initially overly euphoric increase was sold off. Nevertheless, we see a short- to medium-term long opportunity here, mainly due to its good risk-reward ratio (RRR).