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Sonic (NASDAQ:SONC) Director Frank E. Richardson III sold 50,000 shares of the company’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $21.76, for a total value of $1,088,000.00. Following the sale, the director now directly owns 1,566,145 shares of the company’s stock, valued at approximately $34,079,315. The transaction was disclosed in a document filed with the SEC, which is available at this link.

SONC has been the subject of a number of recent research reports. Analysts at Oppenheimer upgraded shares of Sonic from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 8th. They now have a $25.00 price target on the stock. Separately, analysts at Sterne Agee upgraded shares of Sonic from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 16th. They now have a $25.00 price target on the stock. Finally, analysts at Barclays raised their price target on shares of Sonic from $16.00 to $19.00 in a research note on Tuesday, April 15th. They now have an “underweight” rating on the stock. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $20.14.

Shares of Sonic (NASDAQ:SONC) traded down 0.91% on Tuesday, hitting $21.71. 584,920 shares of the company’s stock traded hands. Sonic has a 52-week low of $13.63 and a 52-week high of $23.56. The stock’s 50-day moving average is $20.41 and its 200-day moving average is $20.29. The company has a market cap of $1.180 billion and a price-to-earnings ratio of 32.27.

Sonic (NASDAQ:SONC) last posted its quarterly earnings results on Monday, March 24th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. The company had revenue of $109.70 million for the quarter, compared to the consensus estimate of $110.87 million. During the same quarter in the previous year, the company posted $0.05 earnings per share. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, analysts predict that Sonic will post $0.83 earnings per share for the current fiscal year.

Sonic Corp. (NASDAQ:SONC) operates and franchises chain of drive-in restaurants (Sonic Drive-Ins) in the United States.

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