Sonic Target of Unusually High Options Trading (SONC)
Sonic Co. (NASDAQ:SONC) saw unusually large options trading on Thursday. Traders purchased 1,734 call options on the stock. This represents an increase of 2,890% compared to the typical volume of 58 call options.
In related news, Director Federico F. Pena sold 9,686 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $24.61, for a total value of $238,372.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Federico F. Pena sold 4,575 shares of the business’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $25.99, for a total value of $118,904.25. The disclosure for this sale can be found here. 6.24% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SONC. Atlanta Capital Management Co. L L C lifted its stake in Sonic by 168.4% in the 4th quarter. Atlanta Capital Management Co. L L C now owns 810,109 shares of the restaurant operator’s stock valued at $22,262,000 after acquiring an additional 508,282 shares in the last quarter. Millennium Management LLC lifted its stake in Sonic by 240.0% in the 4th quarter. Millennium Management LLC now owns 631,237 shares of the restaurant operator’s stock valued at $17,346,000 after acquiring an additional 445,606 shares in the last quarter. Macquarie Group Ltd. lifted its stake in Sonic by 25.4% in the 3rd quarter. Macquarie Group Ltd. now owns 1,462,539 shares of the restaurant operator’s stock valued at $37,222,000 after acquiring an additional 296,665 shares in the last quarter. Eaton Vance Management bought a new stake in Sonic in the 4th quarter valued at approximately $5,702,000. Finally, Stormborn Capital Management LLC bought a new stake in Sonic in the 4th quarter valued at approximately $5,496,000.
Sonic (NASDAQ:SONC) last released its earnings results on Thursday, January 4th. The restaurant operator reported $0.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.05. The firm had revenue of $105.40 million for the quarter, compared to analysts’ expectations of $106.86 million. Sonic had a negative return on equity of 28.95% and a net margin of 13.68%. The business’s quarterly revenue was down 18.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 EPS. equities research analysts expect that Sonic will post 1.53 earnings per share for the current fiscal year.
Several brokerages recently issued reports on SONC. Zacks Investment Research lowered Sonic from a “hold” rating to a “sell” rating in a research report on Thursday. BidaskClub upgraded Sonic from a “sell” rating to a “hold” rating in a research report on Tuesday. Wells Fargo decreased their price objective on Sonic from $30.00 to $27.00 and set a “market perform” rating for the company in a research report on Monday. Telsey Advisory Group reiterated a “market perform” rating and issued a $28.00 price objective (down from $31.00) on shares of Sonic in a research report on Wednesday, March 14th. Finally, Barclays boosted their price objective on Sonic from $27.00 to $28.00 and gave the company an “underweight” rating in a research report on Tuesday, January 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $29.21.
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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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