On July 27, Sirius XM rose 5.5% in regular trading, trading at $31.42/share, with turnover of $31.03 million. The rally was driven by upbeat institutional sentiment ahead of the company's upcoming quarterly earnings report scheduled for July 30 pre-market.

Market consensus estimates project Q2 revenue of approximately $2.137 billion, representing a 0.46% year-over-year increase, with adjusted EPS of $0.79, up 5.33% year-over-year, and EBIT of approximately $462 million, up 1.40%. Institutional views are broadly positive heading into the report. The company beat Q1 EPS expectations with $0.72 versus the $0.67 estimate and maintained its full-year revenue guidance of approximately $8.5 billion. Supporting sentiment further, Barrington Research previously raised its price target to $32 from $28 with an Outperform rating, and the company joined the S&P MidCap 400 index in June.

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