Sirius Xm Holdings Inc (SIRI)

Sirius XM Holdings Inc Stock (SIRI) dropped by 6.56% from $4.88 to $4.56 in the trading on Monday December 04, 2023. The reason why SIRI stock down today is due to the announcement of collaboration with Rivian. In the midst of Monday's market downturn, SiriusXM announced a strategic partnership with Rivian, offering owners of new and existing R1T and R1S models in the U.S. a complimentary three-month trial subscription to their premium audio service. Starting in 2024, this seamless integration will allow Rivian owners to activate the trial directly on their vehicle's center display, enhancing their driving experience with SiriusXM's diverse content library.

SIRI's stock fell 15.25% because analysts downgraded the company after a short squeeze sent the stock surging. SiriusXM now trades at the same valuation as before its sharp sell-off earlier this year.

https://www.barrons.com/articles/siriusxm-stock-price-short-squeeze-rating-valuation-bec609b1?siteid=yhoof2

SIRI's stock fell 9.35% on Friday after a significant jump on Thursday, driven by a short squeeze. Investors holding short positions in Sirius XM and long positions in Liberty SiriusXM, hoping to profit from the convergence of their relative values, triggered the rally. However, the rally backfired as traders rushed to buy SiriusXM shares to close their short positions, leading to the stock's decline.

https://www.fool.com/investing/2023/07/21/why-sirius-xm-stock-was-falling-friday/