Shares of Sirius XM Holdings Inc. (SIRI) plunged 6.08% in pre-market trading on Sunday, reflecting investors' ongoing concerns about the satellite radio company's growth prospects despite Warren Buffett's continued bullish bets on the stock.
The decline came after a challenging year for Sirius XM, with the company struggling to grow its subscriber base and facing intensifying competition from various music and radio streaming options. According to recent reports, the company lost around 2% of its subscribers in the first three quarters of 2024, contributing to a flattening revenue curve.
Despite these challenges, legendary investor Warren Buffett's Berkshire Hathaway has been steadily increasing its stake in Sirius XM, now owning a position worth around $2.4 billion, or 30% of the company's total market capitalization. Buffett's investment firm likely sees value in Sirius XM's discounted valuation, with shares trading at around 7 times 2025 expected earnings and below 10 times free cash flow.
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