According to Zacks, “Sonic Corp. operates and franchises one of the largest chain of drive-in restaurants in the United States. Sonic restaurants offer made-to-order hamburgers and other sandwiches and feature Sonic signature items, such as footlong coney cheese dogs, hand-battered onion rings, tater tots, specialty soft drinks, including cherry limeades and slushes, and frozen desserts. At a typical Sonic restaurant, a customer drives into one of 24 to 36 covered drive-in spaces, orders through an intercom, and has the food delivered by a carhop within an average of four minutes. “
Other research analysts have also issued research reports about the company. Oppenheimer Holdings Inc. reaffirmed a buy rating on shares of Sonic Corp. in a report on Sunday, June 26th. Barclays PLC reaffirmed a sell rating on shares of Sonic Corp. in a report on Sunday, June 26th. Jefferies Group reduced their target price on Sonic Corp. from $30.00 to $28.00 and set a hold rating for the company in a report on Wednesday, September 28th. Bank of America Corp. reduced their target price on Sonic Corp. from $36.00 to $35.00 and set a buy rating for the company in a report on Friday, June 24th. Finally, Deutsche Bank AG reaffirmed a hold rating and set a $33.00 target price (down previously from $35.00) on shares of Sonic Corp. in a report on Tuesday, June 7th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $34.01.
Sonic Corp. (NASDAQ:SONC) opened at 25.56 on Friday. Sonic Corp. has a 1-year low of $23.63 and a 1-year high of $36.34. The firm has a market cap of $1.22 billion, a P/E ratio of 19.89 and a beta of 1.20. The stock has a 50 day moving average price of $27.29 and a 200 day moving average price of $29.86.
A number of hedge funds have recently added to or reduced their stakes in SONC. BlackRock Advisors LLC increased its stake in Sonic Corp. by 0.3% in the second quarter. BlackRock Advisors LLC now owns 22,780 shares of the company’s stock worth $616,000 after buying an additional 73 shares during the last quarter. PineBridge Investments L.P. boosted its position in shares of Sonic Corp. by 2.6% in the second quarter. PineBridge Investments L.P. now owns 6,157 shares of the company’s stock worth $166,000 after buying an additional 155 shares during the period. Aperio Group LLC boosted its position in shares of Sonic Corp. by 4.1% in the first quarter. Aperio Group LLC now owns 10,844 shares of the company’s stock worth $381,000 after buying an additional 426 shares during the period. Capstone Asset Management Co. boosted its position in shares of Sonic Corp. by 3.7% in the second quarter. Capstone Asset Management Co. now owns 16,434 shares of the company’s stock worth $445,000 after buying an additional 580 shares during the period. Finally, Cardinal Capital Management boosted its position in shares of Sonic Corp. by 6.0% in the second quarter. Cardinal Capital Management now owns 11,850 shares of the company’s stock worth $321,000 after buying an additional 672 shares during the period. Institutional investors own 98.14% of the company’s stock.
Sonic Corp. Company Profile
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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