Audio entertainment company Sirius XM Holdings Inc. (NASDAQ:SIRI) recently revealed that its subsidiary Sirius XM Radio Inc. has acquired Cloud Cover Media, Inc. that provides music for business enterprises.
Following the news, shares of the company rose marginally on Thursday. However, the stock declined 1.7% to close at $6.25 in the extended trading session.
Cloud Cover Music’s platform, along with business management, music programming, licensing and software development teams, allows enterprises to use customized music suitable for them.
Further, its combination with SiriusXM Music for Business and Pandora for Business in SiriusXM’s commercial music portfolio provides comprehensive and complementary offerings for businesses.
The Executive Vice-President of SiriusXM, Joe Verbrugge, said, “SiriusXM and Pandora have always offered a unique blend of great content and great technology. The addition of Cloud Cover Music to our commercial music portfolio is expected to help propel us forward and contribute to the growth of our business.”
On January 13, J.P. Morgan analyst Sebastiano Petti downgraded the stock to Sell from Hold with a price target of $6, which implies downside potential of 5.7%.
Wall Street’s Top Analysts have awarded SiriusXM a Hold consensus rating based on 3 Buys, 3 Holds and 2 Sells. The average SiriusXM price target of $7.19 implies upside potential of 13.1% from current levels. Shares have gained 9.1% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into SiriusXM’s performance this quarter.
According to the tool, the SiriusXM website recorded an 8.79% monthly rise in global visits in December, compared to the same period last year. Moreover, year-to-date, the website traffic has grown 5.58%, compared to the previous year.
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