SiriusXM Launches AudioID; Shares Rise 2.8%

Broadcasting company Sirius XM Holdings Inc. (NASDAQ: SIRI) recently revealed that it has launched a listener identity solution, AudioID, to help marketers reach, target, and connect with consumers at scale.

Following the news, shares of the company rose 2.8% on Monday. The stock, however, declined 1.9% to close at $6.24 in the extended trading session.

AudioID will leverage the data of millions of Pandora, SiriusXM, and Stitcher listeners and ensure a better ad experience for consumers.

Management Commentary

The Chief Revenue Officer of SiriusXM, John Trimble, said, “Today’s announcement exemplifies the power of joining together advertising solutions from SiriusXM, Pandora, Stitcher, and AdsWizz. We have always led the way when it comes to audio advertising.So coming off of a record year, we’re taking another giant leap forward with the introduction of AudioID. With this new identity solution from AdsWizz, we’ll be able to create better experiences for listeners, greater value for creators and publishers, and even more impact for marketers.

Stock Rating

Recently, Bank of America Securities analyst Jessica Reif Cohen reiterated a Buy rating on the stock with a price target of $7.5, which implies upside potential of 17.9% from current levels.

Consensus among analysts is a Hold based on 3 Buys, 2 Holds and 2 Sells. The average SiriusXM stock prediction of $7.07 implies upside potential of 11.2% from current levels. Shares have gained 1.6% over the past year.

Website Traffic

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. Further, year-to-date, the website traffic has increased 5.58%, compared to the previous year.

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