NEW YORK (TheStreet) -- Sirius XM (SIRI) was one of several stocks trading below $5 poised to move on above-average volume Monday on indications it will be added to the Russell 3000 as part of the index's reconstitution.
Sirius XM shares were gaining ground in early trading Monday after the company's stock was included on the preliminary additions and deletions for the Russell 3000 and Russell Global index as part of their annual reconstitutions. The final membership lists will be released on June 28, following updates on June 18 and June 25.
The news came after analyst David Gober of Morgan Stanley initiated coverage on Sirius XM Friday without a rating on the stock. "After completing the Sirius/XM merger, a refinancing of its balance sheet and weathering the recent recession, Sirius XM has emerged as a more stable company with several key opportunities," Gober wrote in a research note.
Shares of Sirius XM rose by 2 cents, or 2%, to $1.03 in the premarket session. The 50-day average daily volume for Sirius XM is 112.27 million, according to the Nasdaq.
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