Why SiriusXM Jumped 20% in April
Shares of SiriusXM (NASDAQ: SIRI) jumped 19.6% in April, according to data from S&P Global Market Intelligence. That was enough to send the stock from about $4.94 per share to $5.91 per share.
For context, SiriusXM shares had tanked in March from $6.34 per share to $4.81 per share, a 24.1% decline, due to concerns about how the business would fare in the new environment. So despite the April surge, the stock is still down about 22.1% since the end of February.
Heading into April, investors had been concerned about SiriusXM's ability to retain and grow subscribers in the current environment. One risk that's unique to SiriusXM is the vast majority of subscribers listen to the service in their cars. Much of that occurs during commutes to work and other driving, but most of that isn't happening right now.
Source Fool.com
