SiriusXM Shares Rise 11% After Liberty Media Offers to Combine Stocks

📆 9/30/2023 2:10 AM
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The company’s stock ended the week at $4.52 while the overall Billboard Global Music Index gained 1.1% for a year-to-date improvement of 15.2%.

. Because SiriusXM shares are heavily shorted and have a small float, sudden demand for the stock can create large price fluctuations. SiriusXM shares rose 15% on Thursday alone, while shares of The Liberty SiriusXM Group tracking stock finished the week up 13.4%.

Helped by Deezer’s double-digit improvement, streaming stocks had an average gain of 3.1%. Chinese music streamers Cloud Music and Tencent Music Entertainment gained 6.5% and 1.3%, respectively. Spotify shares dropped 2.1% to $154.63 but have gained 95.9% year to date. LiveOne shares fell 8.6% to $0.96, marking its third successive weekly loss since spinning off its PodcastOne division.

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