Shares of Sirius XM (SIRI) - Get Report are rising 4% to a new 52-week high despite the company missing earnings per estimates. However, revenue climbed almost 10% year over year to a new record level.

This company has made a "remarkable turn," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment.

"This thing is becoming standard equipment" on new cars and is continually being added to used cars, he added about the company's satellite radio service.

At one point many investors thought this company was going to go broke, Cramer said. Now it's got record revenue while net income jumped nearly 70% to $173 million and management raised guidance.

Cramer noted that Sirius added 587,000 net new subscribers in the quarter, helping drive its total number of subscribers higher by 8% year over year to 30.6 million.

"Congratulations to the management team" for turning this company's fortunes around, Cramer concluded.

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.