Sirius XM Holdings Inc. (NASDAQ: SIRI) will report its first-quarter financial results Tuesday before the markets open. Thomson Reuters has consensus estimates of $0.03 in earnings per share (EPS) on $1.09 billion in revenue. The same quarter from the previous year had $0.02 in EPS on $997.71 million in revenue.

The company could be facing some tough times going forward, according to analysts. Many recent analyst calls are looking for very little upside ahead. Sure, there are still higher price targets, but there seems to be more caution now that shares are close to multiyear highs again.

Ahead of earnings, analysts have weighed in on Sirius:

• Goldman Sachs initiated coverage with a Neutral rating and a $4 price target
• Deutsche Bank reiterated a Hold rating with a $4 price target
• Zacks reiterated a Neutral rating with a $4 price target

In this quarter Sirius XM’s subsidiary, Sirius XM Radio, priced an offering of $1.0 billion of senior notes due in 2025, with borrowing costs of just over 5%. It intends to use the net proceeds from the offering for general corporate purposes, which may include the repayment of its outstanding indebtedness.

Notably, on average, Sirius XM trades more shares each day than virtually 99% of the market, with nearly 34 million shares exchanged daily. This is one of those stocks that investors seem to be superstitious of, and we see that in its volume and short interest. For the most recent settlement date, Sirius had a short interest reading of roughly 152 million shares, with five days to cover. In the past 52-weeks, its highest reading was 318 million shares short.

So far on the year, shares are up about 13.4%.

Looking at the chart, the stock’s performance has been all right, but not exactly impressive. Shares have mainly stayed in the range of $2 to $4 for the past three years. Sure, jumping from $2 to $4 in the short term is impressive, but in the long term, shares were as high $9 about 10 years ago, and much higher back in the dotcom bubble days.

Shares of Sirius were at $3.95 on Monday afternoon. The stock has a consensus analyst price target of $3.38 and a 52-week trading range of $2.98 to $4.04.

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