Insider Selling: Sonic Corp. CEO Sells 300,000 Shares of Stock (SONC)
Sonic Corp. (NASDAQ:SONC) CEO J Clifford Hudson unloaded 300,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $18.44, for a total value of $5,532,000.00. Following the completion of the transaction, the chief executive officer now directly owns 8,890 shares of the company’s stock, valued at approximately $163,932. The sale was disclosed in a legal filing with the SEC, which is available at this link.
A number of research firms have recently commented on SONC. Analysts at Lazard Capital Markets raised their price target on shares of Sonic Corp. (NASDAQ:SONC) from $17.00 to $20.00 in a research note to investors on Friday, September 13th. They now have a “buy” rating on the stock. Separately, analysts at Jefferies Group reiterated a “hold” rating on shares of Sonic Corp. (NASDAQ:SONC) in a research note to investors on Friday, September 13th. They now have a $18.00 price target on the stock, up previously from $15.50. Finally, analysts at Wunderlich initiated coverage on shares of Sonic Corp. (NASDAQ:SONC) in a research note to investors on Friday, September 6th. They set a “buy” rating and a $19.00 price target on the stock.
One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $16.11.
Sonic Corp. (NASDAQ:SONC) traded down 1.14% on Monday, hitting $18.14. 512,974 shares of the company’s stock traded hands. Sonic Corp. has a one year low of $9.06 and a one year high of $18.93. The stock has a 50-day moving average of $16.74 and a 200-day moving average of $14.4. The company has a market cap of $1.014 billion and a P/E ratio of 27.19.
Sonic Corp. (NASDAQ:SONC) operates and franchises chain of drive-in restaurants (Sonic Drive-Ins) in the United States.
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