Sirius (SIRI) Gets Massive Inflow from SAC Capital

Giant hedge fund SAC Capital revealed in its required quarterly filing with the SEC that they invested a huge sum in Sirius XM (NASDAQ:SIRI) last quarter, boosting the shares they held from 280,901 to 7,668,172, as of March 1, 2011.

Shares of Sirius are trading down today as investors digest the discrepency between the promise of Sirius CEO Mel Karmazin to boost prices some time in the latter part of 2011 and the recent settlement of a lawsuit which included the agreement for Sirius not to raise prices until 2012.

The recent jump in share price was the result of Karmazin's assertion of a price increase in 2011.

Most of the movement of the stock will probably be more related to vehicle sales and the health of the auto industry than anything else.

Sirius was trading at $2.12, down $0.06, or 2.52 percent, as of 2:10 PM EDT.