Shares of Sonic Corp. (NASDAQ:SONC) have received an average recommendation of “Buy” from the thirteen research firms that are presently covering the stock. Two investment analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $33.21.
SONC has been the subject of several research analyst reports. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $40.00 price objective on shares of Sonic Corp. in a research report on Wednesday, August 10th. Canaccord Genuity reaffirmed a “buy” rating and set a $35.00 target price on shares of Sonic Corp. in a research note on Friday, September 9th. Telsey Advisory Group decreased their target price on shares of Sonic Corp. from $38.00 to $36.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 7th. Jefferies Group reaffirmed a “hold” rating on shares of Sonic Corp. in a research note on Thursday, August 4th. Finally, Barclays PLC reaffirmed a “sell” rating on shares of Sonic Corp. in a research note on Sunday, June 26th.
Shares of Sonic Corp. (NASDAQ:SONC) opened at 26.02 on Tuesday. The company’s 50-day moving average price is $27.01 and its 200 day moving average price is $29.76. Sonic Corp. has a 52 week low of $24.72 and a 52 week high of $36.34. The firm has a market cap of $1.24 billion, a P/E ratio of 20.25 and a beta of 1.20.
Hedge funds have recently modified their holdings of the company. Bank of Montreal Can purchased a new position in Sonic Corp. during the second quarter valued at about $123,000. BlackRock Inc. raised its position in 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 during the last quarter. Societe Generale purchased a new position in Sonic Corp. during the second quarter valued at about $141,000. SG Americas Securities LLC purchased a new position in Sonic Corp. during the second quarter valued at about $141,000. Finally, Advisor Group Inc. purchased a new position in Sonic Corp. during the second quarter valued at about $154,000. 98.14% of the stock is currently owned by institutional investors.
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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