Sirius XM Holdings (NASDAQ: SIRI) hit another brutal multiyear low on Tuesday. Shares of the satellite radio provider haven't traded this low since the fall of 2012. The stock has been cut by more than half -- down 52% -- this year. Sirius XM shares have shed more than two-thirds of their value since peaking last summer.

Business has certainly slowed at Sirius XM, but it doesn't mean that the stock can't bounce back as soon as this month. Let's go over some of the reasons why this media stock could turn the past year of pain into gains.

A bullish case for a stock that has fallen substantially this year isn't going out on much of a limb by arguing that it's cheap. You can buy a piece of Sirius XM for less than half of what you had to pay at the end of 2023. The business isn't half of what it used to be five months ago, nor a third of what it was 11 months ago.

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Source Fool.com