Dallas, Texas 08/02/2013 (Financialstrend) – Sirius XM Radio Inc. (NASDAQ:SIRI) made gains of 1.07% to close at $3.78 per share on Friday with intraday movements ranging from low of $3.74 to high of $3.79 per share. The 52 week low price for the stock is at $2.09 per share and 52 week high price is at $3.81 per share. There are 6.21billion shares in the market with institutional ownership of 29%. The trading volume on Friday was at 25.16 million shares with average level at 58.91 million shares per day.
Sirius XM Radio Inc. (NASDAQ:SIRI) is the globe’s largest radio broadcaster measured by profits and the firm has more than 25 million subscribers. The company had announced on 8th August 2013 that on September 3, 2013, it will convert all out its outstanding 8.75% Senior Notes due 2015. As of August 1, 2013, $753,487,000 of the 8.75% Notes remains outstanding. Sirius XM Radio Inc. (NASDAQ: SIRI)aims to use the profits from the issuance of $600,000,000 collective principal amount of its 5.75% Notes due 2021 and also cash on hand to deposit the restoration.
The announcement made by the firm is may be an offer to sell or a solicitation to buy any of these securities, and shall not constitute an offer, sale or solicitation in any jurisdiction in which an offer, sale or solicitation would be unlawful.
Before the deduction for the commission of preliminary purchaser, profits of $600 would be received by the firm. There will be amalgamation of the current cash as well as the profits from the issue of senior notes which would be used by the firm for the process of revitalization with regards to the earlier issued 8.75% of the senior notes. The amount will be due by the year 2015.
According to a new research report issued recently on the resoles of Sirius XM Radio Inc. (NASDAQ: SIRI) second quarter earnings outcomes and meeting call, RBC Capital Markets Global Media Analyst David Bank increases his price target on Sirius XM Radio Inc. (NASDAQ: SIRI) from $3.50 to $4.00, maintaining his previous Sector Perform/Speculative Risk rating.