NEW YORK -- Option traders are returning to Sirius XM (SIRI) - Get Report after tripling their money in the satellite-radio company earlier this year. 

OptionMonster's Heat Seeker system detected the purchase of 22,000 June 4 calls on Friday, most of which priced for 12 cents. Volume eclipsed previous open interest of 8,421 contracts, an indication that new money was put to work. 

Long calls lock in the price where investors can buy a stock, which lets them profit from a move while risking only a small fraction of the capital needed to own common equity. 

Sirius rose 0.25% to $3.94 on Friday. The March 3.50 calls lit up our monitors back on Dec. 22 for just 13 cents as the stock worked its way out of a year-long consolidation pattern. It then moved nicely higher, and those calls were worth more than 50 cents by early last month. 

Shares have consolidated since and are now trying to bounce near their 50-day moving average, which could make some chart watchers think more upside is coming. Earnings are due April 28. 

Total option volume was 14 times greater than average in the session, with calls outnumbering puts by a bullish 94-to-1 ratio.

-- Written by David Russell of OptionMonster

Russell has no positions in SIRI.