It's been exactly a month since I wrote about three reasons Sirius XM Holdings (NASDAQ: SIRI) could bounce back in June. The country's lone satellite radio provider is living up to that potential. The shares have soared 36% in that time, easily beating the market.

This happiness hasn't been the default setting for Sirius XM investors. The stock continues to be a laggard in 2024, down more than a third since the beginning of the year. Things could be different now that it has a whiff of optimism. Let's go into some of the reasons the second half of this year can be more like the past month than the last six months.

Sirius XM expects to execute a 1-for-10 reverse stock split this quarter. Unlike the typically well-received forward stock splits, the market doesn't like when a company goes the other way. However, replacing every 10 shares of Sirius XM for a new share initially valued at 10 times the previous value makes sense here.

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Source Fool.com