Sonic Corp. (NASDAQ:SONC) had its target price decreased by equities research analysts at Barclays PLC from $30.00 to $25.00 in a research report issued to clients and investors on Wednesday. The brokerage presently has an “underweight” rating on the stock. Barclays PLC’s price target indicates a potential downside of 1.81% from the company’s current price.
A number of other research firms have also weighed in on SONC. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $40.00 price target on shares of Sonic Corp. in a research report on Wednesday, August 10th. Canaccord Genuity restated a “buy” rating and set a $35.00 price target on shares of Sonic Corp. in a research report on Friday, September 9th. Telsey Advisory Group lowered their price target on shares of Sonic Corp. from $38.00 to $36.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 7th. Jefferies Group restated a “hold” rating on shares of Sonic Corp. in a research report on Thursday, August 4th. Finally, Zacks Investment Research upgraded shares of Sonic Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, August 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $34.24.
Shares of Sonic Corp. (NASDAQ:SONC) opened at 25.46 on Wednesday. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 19.81 and a beta of 1.38. Sonic Corp. has a 52-week low of $22.87 and a 52-week high of $36.34. The company has a 50-day moving average of $27.56 and a 200-day moving average of $30.01.
Institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can bought a new position in shares of Sonic Corp. during the second quarter valued at approximately $123,000. BlackRock Inc. raised its position in shares of Sonic Corp. by 127.1% in the first quarter. BlackRock Inc. now owns 3,826 shares of the company’s stock valued at $134,000 after buying an additional 2,141 shares in the last quarter. Societe Generale bought a new position in shares of Sonic Corp. during the second quarter valued at approximately $141,000. SG Americas Securities LLC bought a new position in shares of Sonic Corp. during the second quarter valued at approximately $141,000. Finally, Advisor Group Inc. bought a new position in shares of Sonic Corp. during the second quarter valued at approximately $154,000. Institutional investors own 98.14% of the company’s stock.
About Sonic Corp.
Sonic Corp. operates and franchises a chain of drive-in restaurants in the United States. The Company has around 3,512 Sonic Drive-Ins in 44 states of the United States. The Company’s product categories include Burgers, Coneys and Hot Dogs, Chicken, Breakfast, Snacks and Sides, Drinks, Ice Cream, and Wacky Pack.
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