Shares of broadcasting company SiriusXM ($SIRI) jumped nearly 8% on Monday morning, boosting retail sentiment as well.
Warren Buffett’s Berkshire Hathaway ($BRK.A) ($BRK.B) revealed it had invested approximately $87 million in SiriusXM.
Between Oct. 9 and Oct. 11, Berkshire purchased around 3.6 million shares for $24.33 each, according to a Securities and Exchange Commission filing.
This acquisition increased Berkshire’s total holding to 108.7 million shares, representing a 32% stake in the company. Berkshire has been invested in SiriusXM since 2016.
On Stocktwits, retail sentiment for SIRI shifted from ‘neutral’ to ‘bullish’ in just 24 hours, with message volume rising to ‘high’ levels.
The ticker was among the top 15 trending symbols on the platform late Monday morning.
Last month, SiriusXM began trading as an independent public company after completing a split-off and merger transaction with billionaire John Malone’s Liberty Media.
In August, SiriusXM reported a smaller-than-expected decline in subscribers for its satellite radio service while advertising revenue of $443 million comfortably exceeded analysts’ average expectations of $331.2 million.
Despite the recent surge, SIRI shares have dropped more than 50% this year.
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