Sonic Co. (SONC) Lowered to Hold at Canaccord Genuity
Sonic Co. (NASDAQ:SONC) was downgraded by analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a research note issued to investors on Monday. They currently have a $24.00 price target on the stock, down from their previous price target of $30.00. Canaccord Genuity’s target price would indicate a potential upside of 3.99% from the company’s previous close.
Other analysts also recently issued reports about the stock. Vetr downgraded shares of Sonic from a “hold” rating to a “sell” rating and set a $26.50 price objective on the stock. in a report on Monday, December 26th. Zacks Investment Research raised shares of Sonic from a “sell” rating to a “hold” rating in a report on Tuesday, January 3rd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $26.00 price objective on shares of Sonic in a report on Saturday, January 7th. Longbow Research downgraded shares of Sonic from a “buy” rating to a “neutral” rating in a report on Friday, December 2nd. Finally, Cowen and Company reaffirmed a “market perform” rating and issued a $26.00 price objective on shares of Sonic in a report on Tuesday, December 13th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. Sonic presently has an average rating of “Hold” and a consensus target price of $29.65.
Shares of Sonic (NASDAQ:SONC) traded down 2.94% during mid-day trading on Monday, reaching $23.08. 2,102,563 shares of the company’s stock were exchanged. The company’s 50 day moving average is $25.18 and its 200 day moving average is $25.96. The stock has a market capitalization of $1.01 billion, a PE ratio of 17.26 and a beta of 1.49. Sonic has a 1-year low of $21.12 and a 1-year high of $36.34.
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Sonic (NASDAQ:SONC) last released its earnings results on Wednesday, January 4th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.03. The company had revenue of $129.60 million for the quarter. Sonic had a net margin of 10.97% and a negative return on equity of 88.45%. The firm’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.24 EPS. Equities research analysts anticipate that Sonic will post $1.26 EPS for the current fiscal year.
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In related news, VP Harold A. Ceron sold 3,112 shares of the stock in a transaction on Wednesday, January 11th. The shares were sold at an average price of $27.02, for a total transaction of $84,086.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frank E. Richardson III sold 4,685 shares of the stock in a transaction on Tuesday, January 10th. The stock was sold at an average price of $27.57, for a total transaction of $129,165.45. Following the sale, the director now directly owns 1,290,728 shares in the company, valued at $35,585,370.96. The disclosure for this sale can be found here. Corporate insiders own 6.24% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. FNY Managed Accounts LLC purchased a new stake in shares of Sonic during the third quarter worth about $147,000. Quantum Capital Management bought a new position in Sonic during the fourth quarter worth $219,000. Pacad Investment Ltd. boosted its position in Sonic by 8,200.0% in the fourth quarter. Pacad Investment Ltd. now owns 8,300 shares of the company’s stock worth $220,000 after buying an additional 8,200 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Sonic by 4.7% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 9,602 shares of the company’s stock worth $255,000 after buying an additional 432 shares in the last quarter. Finally, Aperio Group LLC boosted its position in Sonic by 0.5% in the third quarter. Aperio Group LLC now owns 10,608 shares of the company’s stock worth $278,000 after buying an additional 55 shares in the last quarter. 96.33% of the stock is currently owned by hedge funds and other institutional investors.
Sonic Company Profile
Sonic Corp. operates and franchises the chain of drive-thru restaurants (Sonic Drive-Ins) in the United States. As of August 31, 2016, 3,557 Sonic Drive-Ins were in operation from coast to coast in 45 states, consisting of 345 Company drive-thrus and 3,212 franchise drive-thrus. As of August 31, 2016, its restaurant design and construction consisted of a kitchen housed in a one-story building, which was approximately 1,500 square feet, flanked by canopy-covered rows of 16 to 24 parking spaces, with each space having its own payment terminal, intercom speaker system and menu board.
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