As October began, several Wall Street pundits were questioning whether Sirius XM‘s shareholder simplification was a flop. Shares were floating between the mid-$22 and $24 range, representing a 44% year-over-year decline in value even when factoring in the recalculations for “SIRI.”
It turns out one of the world’s most renowned investors sees value in the satellite radio company looking to gain more ears through smart speakers and smartphone apps. With his investment firm’s acquisition of Sirius XM stock, a big comeback was underway in Monday’s trading.
