Can Sirius XM SIRI Dig Out of It’s Latest Hole?
Sirius XM Radio Inc. (Nasdaq : SIRI ) opened down this week due to worry about a NASDAQ delisting. The question is whether or not Nasdaq:SIRI can make it over penny stock mark and stay there. There is a reason penny stocks are not listed on the exchange, but has SIRIUS ever been a penny stock? Sirius XM’s market cap is 2.56B. Perhaps the only time would have been when the stock was sitting at .05-.50. Sirius dug it’s way out of that whole due to solving most of it’s debt issues.
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SiriusXM has awhile to get over that 1.00 figure, and it should. Until the company gets some free cash flow and starts buying back stock the share price will never be as high as it was even two years ago. The current option on the table is the already shareholder approved reverse-split. This should be a last resort option for the company. Sirius XM (Nasdaq:SIRI) needs to report a profit. This is where the company should spends it’s time.
Sirius XM Radio Inc. (Public, NASDAQ:SIRI) Position:Long