Analysts Set Sonic Corp. (NASDAQ:SONC) Target Price at $33.21
Sonic Corp. (NASDAQ:SONC) has earned a consensus recommendation of “Buy” from the thirteen analysts that are currently covering the firm. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $33.21.
Several research analysts have weighed in on SONC shares. Canaccord Genuity started coverage on Sonic Corp. in a research report on Monday, August 22nd. They set a “buy” rating and a $35.00 price target on the stock. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of Sonic Corp. in a report on Sunday, June 26th. Bank of America Corp. decreased their target price on Sonic Corp. from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, June 24th. Jefferies Group decreased their target price on Sonic Corp. from $34.00 to $32.00 and set a “hold” rating on the stock in a report on Friday, June 24th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $33.00 target price on shares of Sonic Corp. in a report on Monday, June 27th.
Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its stake in Sonic Corp. by 84.0% in the second quarter. Royal Bank of Canada now owns 1,145,861 shares of the company’s stock worth $30,996,000 after buying an additional 523,188 shares during the last quarter. Westwood Holdings Group Inc. acquired a new stake in shares of Sonic Corp. during the second quarter valued at $11,786,000. Goldman Sachs Group Inc. increased its stake in shares of Sonic Corp. by 132.5% in the first quarter. Goldman Sachs Group Inc. now owns 651,547 shares of the company’s stock valued at $22,908,000 after buying an additional 371,334 shares in the last quarter. Norges Bank acquired a new stake in shares of Sonic Corp. during the fourth quarter valued at $11,462,000. Finally, Capital Fund Management S.A. increased its stake in shares of Sonic Corp. by 234.8% in the second quarter. Capital Fund Management S.A. now owns 402,291 shares of the company’s stock valued at $10,882,000 after buying an additional 282,116 shares in the last quarter. Hedge funds and other institutional investors own 98.14% of the company’s stock.
Shares of Sonic Corp. (NASDAQ:SONC) opened at 26.22 on Tuesday. Sonic Corp. has a 52-week low of $24.58 and a 52-week high of $36.34. The stock has a 50 day moving average price of $27.10 and a 200 day moving average price of $29.81. The company has a market capitalization of $1.25 billion, a PE ratio of 20.40 and a beta of 1.20.
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.
Receive News & Stock Ratings for Sonic Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic Corp. and related stocks with our FREE daily email newsletter.