Sonic Corp. (SONC) Trading Down 6.6% on Analyst Downgrade
Shares of Sonic Corp. (NASDAQ:SONC) were down 6.6% on Wednesday after Barclays PLC lowered their price target on the stock from $30.00 to $25.00. Barclays PLC currently has an underweight rating on the stock. Sonic Corp. traded as low as $25.20 and last traded at $25.64, with a volume of 3,970,169 shares trading hands. The stock had previously closed at $27.44.
Other analysts also recently issued reports about the stock. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $40.00 target price on shares of Sonic Corp. in a report on Wednesday, August 10th. Canaccord Genuity restated a “buy” rating and set a $35.00 target price on shares of Sonic Corp. in a report on Friday, September 9th. Telsey Advisory Group dropped their target price on shares of Sonic Corp. from $38.00 to $36.00 and set an “outperform” rating on the stock in a report on Wednesday, September 7th. Jefferies Group restated a “hold” rating on shares of Sonic Corp. in a report on Thursday, August 4th. Finally, Zacks Investment Research upgraded shares of Sonic Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, August 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $34.24.
A number of institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in Sonic Corp. during the fourth quarter worth approximately $11,462,000. Commonwealth Equity Services Inc boosted its position in Sonic Corp. by 13.4% in the first quarter. Commonwealth Equity Services Inc now owns 15,653 shares of the company’s stock worth $550,000 after buying an additional 1,854 shares during the period. Aperio Group LLC boosted its position in 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. BlackRock Inc. boosted its position in Sonic Corp. by 127.1% in the first quarter. BlackRock Inc. now owns 3,826 shares of the company’s stock worth $134,000 after buying an additional 2,141 shares during the period. Finally, BlackRock Group LTD boosted its position in Sonic Corp. by 20.8% in the first quarter. BlackRock Group LTD now owns 58,659 shares of the company’s stock worth $2,064,000 after buying an additional 10,100 shares during the period. 98.14% of the stock is owned by hedge funds and other institutional investors.
The company has a market capitalization of $1.21 billion, a PE ratio of 19.80 and a beta of 1.38. The company has a 50-day moving average price of $27.64 and a 200-day moving average price of $30.04.
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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