Sirius XM Holdings Inc. (NASDAQ: SIRI) is experiencing upward momentum on Monday following the news that Warren Buffett has acquired additional shares of the satellite radio provider. The “Oracle of Omaha” invested $87 million to purchase 3.

Shares of Sirius stock gained 8.1% through 10:45 a.m. ET Monday after Warren Buffett investment vehicle Berkshire Hathaway ( BRK.A -0.94%) ( BRK.B -0.05%) revealed in an SEC filing that it has increased its stake in the satellite radio company.

Sirius XM needed it. The stock is down 51% in 2024 and fell to a 12-year low of $22.18 on Oct. 7. The shares looked ready to rally in July, but found resistance at their 200-day moving average. Options traders are all in on calls.