Sirius XM stock pulls back premarket after skyrocketing Thursday

Shares of Sirius XM Holdings Inc.
SIRI,
+42.26%
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
LSXMA,
+0.03%

LSXMB,
-1.53%

FWONA,
-0.99%

FWONK,
-0.25%
split-off of the MLB Atlanta Braves team parent Atlanta Braves Holding Inc.
BATRA,
-0.69%

BATRK,
-6.84%.
 “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,
-0.68%
gain of 9.8%.