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Why Is Sirius XM (SIRI) Stock Up 8% Today?

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  • Sirius XM (SIRI) stock is climbing higher as Warren Buffett invests in the company.
  • He bought more than 9.6 million shares in Q3.
  • This marks his first investment in SIRI stock.
SIRI Stock - Why Is Sirius XM (SIRI) Stock Up 8% Today?

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Sirius XM (NASDAQ:SIRI) stock is on the rise Wednesday after Warren Buffett revealed his purchase of the company’s shares during the third quarter.

A filing with the Securities and Exchange Commission (SEC) highlights that the billionaire investor acquired 9,683,224 shares of SIRI stock during Q3 of the year. Investors will also note that this is a new investment for Buffett as he previously didn’t hold any shares of SIRI stock.

Warren Buffett taking a stake in SIRI stock is big news for the company. Many traders follow Buffett’s investment strategies when making their own stock purchases. That means some will see his purchase of SIRI shares as a sign of confidence in the company and may choose to follow suit with their own investments.

SIRI Stock Reactions on Wednesday

SIRI stock is seeing a decent amount of activity on Wednesday as investors react to the Warren Buffett investment news. That has more than 5 million shares of the stock changing hands today. To put that in perspective, the company’s daily average trading volume is still a good bit above that at roughly 14.9 million shares.

SIRI stock is up 7.5% as of Wednesday morning following the Buffett news. However, traders will note that SIRI shares are still down 9.1% since the start of the year.

Investors who are looking for even more of the most recent stock market stories will want to keep reading!

We’re offering all of the latest stock coverage that traders need to know about on Wednesday! Among that is another update on Buffet’s investments, as well as what’s happening with shares of Mobiquity Technologies (NASDAQ:MOBQ) and Kubient (NASDAQ:KBNT) stock today. You can find out more on these matters at the following links!

More Wednesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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