over 10X normal volume...on the huge drop...may not be the final 'capitulation/bottom' yet...but with that volume, I'd imagine a goodly number of those sick of holding the stock, have exited...and once the selling dries up...well...we'll see
The only way I get out is if they fail to expand out here in the west. This new store is packing them in. It's a stone cold moneymaker. I don't know what there average annual store revenue is but they could open 150 stores here in Ca. and probably average 1.5 to 2 times greater annual store revenue with those Ca. stores.
The upside with current minimal exposure in a multi billion dollar west coast market is truly eye catching..
Just got in today after observing first hand the business the new Sonic is doing in my neighborhood. I can't believe cars are stacked up to eat at a Fast Food.. There are only 14 Sonics in California. They could easily open 200 more. There revenue growth is totally underestimated with the low exposure they have in the Western States. This is a bargain on this dip...
Agreed here in Oregon. Opened a new one in the Eugene/Springfield area last year and it's still always packed. Moved here from Okla and I drive the 15 miles once in a while to get a taste of nostalgia. Tastes the same everywhere. Not gourmet but reliable, low-price, convenient and will always be popular with teens who want a wholesome excuse to sit in the privacy of their cars. I'm in at these prices but will keep my finger on the sell button in case it has further to go. Made some money on this many years ago but haven't looked since, big dip caught my attention.