Needham & Company LLC Boosts Sonic Automotive (NYSE:SAH) Price Target to $74.00

Sonic Automotive (NYSE:SAH) had its price objective lifted by equities research analysts at Needham & Company LLC from $73.00 to $74.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 28.99% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Stephens began coverage on Sonic Automotive in a report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price target for the company. Bank of America reduced their target price on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $40.00 to $58.00 in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $66.50.

Sonic Automotive Trading Up 3.4 %

Shares of Sonic Automotive stock opened at $57.37 on Friday. Sonic Automotive has a 12-month low of $42.57 and a 12-month high of $64.68. The company has a quick ratio of 0.36, a current ratio of 1.10 and a debt-to-equity ratio of 2.04. The business’s 50 day moving average is $57.74 and its 200-day moving average is $56.57. The stock has a market cap of $1.96 billion, a P/E ratio of 10.60 and a beta of 1.60.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings results on Thursday, October 24th. The company reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.17). Sonic Automotive had a return on equity of 25.31% and a net margin of 1.35%. The firm had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period last year, the company posted $2.02 earnings per share. The business’s revenue was down 4.2% compared to the same quarter last year. Equities research analysts predict that Sonic Automotive will post 5.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new stake in Sonic Automotive in the 1st quarter worth about $30,000. Innealta Capital LLC bought a new position in shares of Sonic Automotive during the second quarter worth approximately $41,000. AM Squared Ltd acquired a new stake in shares of Sonic Automotive in the second quarter valued at approximately $82,000. Point72 DIFC Ltd boosted its stake in shares of Sonic Automotive by 6.9% in the second quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock valued at $158,000 after buying an additional 187 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in Sonic Automotive during the second quarter worth approximately $228,000. 46.92% of the stock is owned by institutional investors and hedge funds.

Sonic Automotive Company Profile

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in three segments, Franchised Dealerships, EchoPark, and Powersports. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products for its guests.