It was a bit less than a month ago that I wrote my most recent article on Sirius XM Holdings (SIRI), giving it a “Bullish” rating. Since then, the stock has declined from $5.91 to an intraday low of $5.01 earlier this week before closing the week at $5.12. If I was bullish at $5.91, should I be “Very Bullish” at the current prices?
Part of the decline could be traced to a general market selloff, but there was also the recent announcement of a shake-up at the top of the company:
Jim Meyer to Retire as CEO on December 31, 2020 and Become Vice Chairman of the SiriusXM Board of Directors
Jennifer C. Witz, President, Sales, Marketing and Operations, to Become CEO
Entertainment Industry Veteran Sean S. Sullivan Appointed CFO
I doubt the shakeup at Sirius matters too much. The execs, (at least in my opinion) were all overpaid,