Sonic Automotive (NYSE:SAH) Sets New 1-Year High – Here’s Why

Sonic Automotive, Inc. (NYSE:SAH) hit a new 52-week high during trading on Monday . The stock traded as high as $75.68 and last traded at $71.71, with a volume of 199844 shares changing hands. The stock had previously closed at $75.24.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SAH shares. Seaport Res Ptn raised shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. reduced their price objective on shares of Sonic Automotive from $75.00 to $74.00 and set an “overweight” rating for the company in a research note on Friday, January 17th. Stephens upgraded shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a report on Friday, January 24th. Bank of America cut their target price on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $74.00 price target on shares of Sonic Automotive in a research note on Thursday, January 16th. One analyst has rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Sonic Automotive presently has a consensus rating of “Buy” and a consensus target price of $67.20.

Sonic Automotive Price Performance

The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 0.35. The company has a market capitalization of $2.55 billion, a P/E ratio of 13.26 and a beta of 1.68. The stock’s fifty day simple moving average is $67.26 and its 200-day simple moving average is $61.89.

Hedge Funds Weigh In On Sonic Automotive

A number of hedge funds have recently made changes to their positions in SAH. Point72 Asia Singapore Pte. Ltd. increased its stake in Sonic Automotive by 100.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,196 shares of the company’s stock valued at $70,000 after acquiring an additional 599 shares during the period. R Squared Ltd acquired a new position in shares of Sonic Automotive in the 4th quarter worth approximately $72,000. SG Americas Securities LLC bought a new position in shares of Sonic Automotive during the 4th quarter worth approximately $244,000. MQS Management LLC bought a new position in shares of Sonic Automotive during the 3rd quarter worth approximately $394,000. Finally, Inspire Investing LLC grew its position in Sonic Automotive by 8.7% in the third quarter. Inspire Investing LLC now owns 7,036 shares of the company’s stock valued at $411,000 after acquiring an additional 561 shares during the period. Institutional investors and hedge funds own 46.92% of the company’s stock.

About Sonic Automotive

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.