: Sirius XM stock pulls back premarket after skyrocketing Thursday

Shares of Sirius XM Holdings Inc. SIRI pulled back 9% in premarket trades Friday after skyrocketing Thursday. The stock ended Thursday’s session up 42.3% after multiple halts for volatility, on trading volume of almost 128 million shares, well above its 30-day average of about 21.4 million shares. Sirius XM’s stock has risen recently, apparently as a result of short covering and, potentially, buying linked to rebalancing of the Nasdaq 100 index. In a note released Friday Benchmark increased its price target to $7 from $6 and maintained its buy rating for Sirius XM, citing the impact of owner Liberty Media Corp.’s LSXMALSXMBFWONAFWONKsplit-off of the MLB Atlanta Braves team parent Atlanta Braves Holding Inc. BATRABATRK. “Despite the likely immediate SiriusXM stock price retreat we do regard the business as fundamentally attractive, with the likelihood of a transaction with Liberty somewhat amplified by the Braves split-off and August 3rd tracking stock reclassification and the creation of the new Liberty Live tracking stock,” wrote Benchmark analyst Matthew Harrigan. Sirius XM’s stock has risen 103.4% in the last three months, outpacing the S&P 500 index’s SPX gain of 9.8%.

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