Hedge Funds Are Betting On Sonic Corporation (SONC)

As one would reasonably expect, specific money managers were leading the bulls’ herd. Lee Munder Capital Group, managed by Lee Munder, established the most outsized position in Sonic Corporation (NASDAQ:SONC). Lee Munder Capital Group had $12.2 million invested in the company at the end of the quarter. John Croghan and Richard Fradin’s Rail-Splitter Capital Management also made a $7.2 million investment in the stock during the quarter. The following funds were also among the new SONC investors: Peter Muller’s PDT Partners, John Overdeck and David Siegel’s Two Sigma Advisors, and Chao Ku’s Nine Chapters Capital Management.

Let’s also examine hedge fund activity in other stocks similar to Sonic Corporation (NASDAQ:SONC). These stocks are Apollo Group Inc (NASDAQ:APOL), Cott Corporation (USA) (NYSE:COT), Finisar Corporation (NASDAQ:FNSR), and TriNet Group Inc (NYSE:TNET). This group of stocks’ market values are similar to SONC’s market value.

As you can see these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $224 million. That figure was $205 million in SONC’s case. Apollo Group Inc (NASDAQ:APOL) is the most popular stock in this table. On the other hand TriNet Group Inc (NYSE:TNET) is the least popular one with only 17 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.