Audio entertainment company Sirius XM Holdings Inc. (NASDAQ: SIRI) recently revealed that it has signed an exclusive distribution and sales agreement with a leading multicultural audio content creator platform, reVolver Podcasts.
Following the news, shares of the company gained marginally to close at $6.24 in Thursday’s extended trading session.
Strategic Impact
The agreement with reVolver gives Sirius XM exclusive global ad sales rights to leading Spanish-language podcasts and more than 70 programs across genres like sports, music, finance, entertainment, lifestyle, health and wellness, inspiration, news, and more.
Listeners can access reVolver podcasts on Stitcher, the SXM App, Pandora and all prominent podcast listening platforms.
Management Commentary
The Vice-President of Multicultural at SXM Media, Mike Reid, “Across SiriusXM, we are proud to represent a broad set of creators that reflect our diverse listenership. By working with reVolver, we’re thrilled to expand our offerings even further with an incredible lineup of multicultural programming that our audience and our advertisers are craving.”
Stock Rating
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 4 Buys, 1 Hold and 1 Sell. The average Sirius XM stock prediction of $7.21 implies that the stock has upside potential of 15.9% from current levels. Shares have gained 1.3% over the past year.
Positive Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on SIRI, as 4.8% of portfolios tracked by TipRanks increased their exposure to SIRI stock over the past 30 days.
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