Hedge Funds Are Betting On Sonic Corporation (SONC)

As industrywide interest jumped, key hedge funds have jumped into Sonic Corporation (NASDAQ:SONC) headfirst. Mason Hawkins’ Southeastern Asset Management assembled the most outsized position in Sonic Corporation (NASDAQ:SONC), followed by Anand Parekh’s Alyeska Investment Group, which initiated a $17.1 million position during the quarter. The other funds with new positions in the stock are Matthew Knauer and Mina Faltas’s Nokota Management, Jim Simons’s Renaissance Technologies, and Richard McGuire’s Marcato Capital Management.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Sonic Corporation (NASDAQ:SONC) but similarly valued. We will take a look at Universal Corp (NYSE:UVV), seacube container leasing ltd (NYSE:BOX), EP Energy Corp (NYSE:EPE), and United Community Banks Inc (NASDAQ:UCBI). This group of stocks’ market caps are similar to SONC’s market cap.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $95 million. That figure was $325 million in SONC’s case. seacube container leasing ltd (NYSE:BOX) is the most popular stock in this table. On the other hand United Community Banks Inc (NASDAQ:UCBI) is the least popular one with only 12 bullish hedge fund positions. Compared to these stocks Sonic Corporation (NASDAQ:SONC) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: none.