Why Sirius XM Stock Went Up Then Back Down Today
The stock of Sirius XM (NASDAQ: SIRI) shot up Wednesday morning but came back down to earth by the close. Shares of the satellite radio provider were up as much as 24% before closing the trading session with a gain of 5%.
Some actual news on the company was not positive today, but the stock may have gotten caught up in the short-squeeze trading that everyone is talking about. Some crazy market action that started with GameStop (NYSE: GME) has migrated to include several other highly shorted names. Sirius XM had almost 18% of its float sold short as of the start of the year, according to MarketWatch.
Image source: SiriusXM.
Source Fool.com
