Irenic Capital Management LP Raises Holdings in Sonida Senior Living, Inc. $SNDA

Key Points

• Irenic Capital Management increased its Sonida Senior Living stake by 56.1% in the second quarter to 1.90 million shares, worth approximately $77.7 million. Institutional investors collectively own 87.55% of the company.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $49.50; recent targets range from $43 to $65.
• Sonida reported a quarterly loss of $0.52 per share, missing the $0.09 loss estimate, while insiders sold roughly $10.9 million in stock over the past three months. Shares opened at $37.72, compared with a 52-week range of $24.94 to $44.38.

Irenic Capital Management LP raised its stake in shares of Sonida Senior Living, Inc. (NYSE:SNDA - Free Report) by 56.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,903,621 shares of the company's stock after purchasing an additional 683,874 shares during the period. Sonida Senior Living accounts for about 3.7% of Irenic Capital Management LP's portfolio, making the stock its 7th biggest position. Irenic Capital Management LP owned about 3.96% of Sonida Senior Living worth $77,668,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Conversant Capital LLC boosted its holdings in shares of Sonida Senior Living by 57.7% in the 1st quarter. Conversant Capital LLC now owns 14,605,874 shares of the company's stock worth $471,039,000 after purchasing an additional 5,341,221 shares during the period. BlackRock Inc. bought a new stake in Sonida Senior Living in the second quarter worth $90,515,000. Adelante Capital Management LLC lifted its position in Sonida Senior Living by 75.5% in the second quarter. Adelante Capital Management LLC now owns 544,072 shares of the company's stock worth $15,637,000 after buying an additional 234,109 shares during the last quarter. J. Goldman & Co LP bought a new stake in Sonida Senior Living in the second quarter worth $16,321,000. Finally, Solas Capital Management LLC purchased a new position in Sonida Senior Living during the second quarter worth $13,777,000. 87.55% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on SNDA. Weiss Ratings upgraded shares of Sonida Senior Living from a "sell (d-)" rating to a "sell (d)" rating in a research report on Wednesday, July 29th. Wall Street Zen upgraded shares of Sonida Senior Living from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Robert W. Baird set a $43.00 price target on shares of Sonida Senior Living and gave the stock an "outperform" rating in a research note on Thursday. Cantor Fitzgerald upped their price target on shares of Sonida Senior Living from $42.00 to $47.00 and gave the company an "overweight" rating in a report on Tuesday, August 11th. Finally, Compass Point initiated coverage on shares of Sonida Senior Living in a report on Tuesday, August 11th. They set a "buy" rating and a $65.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $49.50.

Insiders Place Their Bets

In other news, Director Michael Simanovsky sold 97,581 shares of the company's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $38.42, for a total value of $3,749,062.02. Following the transaction, the director directly owned 100,373 shares in the company, valued at approximately $3,856,330.66. This represents a 49.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Benjamin Harris sold 6,269 shares of the company's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $39.79, for a total transaction of $249,443.51. Following the completion of the transaction, the director owned 10,037 shares in the company, valued at approximately $399,372.23. The trade was a 38.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 275,343 shares of company stock valued at $10,895,485 over the last three months. Insiders own 39.30% of the company's stock.

Sonida Senior Living Stock Performance

Shares of SNDA stock opened at $37.72 on Friday. The business's 50 day simple moving average is $40.05. Sonida Senior Living, Inc. has a 52-week low of $24.94 and a 52-week high of $44.38. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $1.81 billion, a price-to-earnings ratio of -6.09 and a beta of 0.74.

Sonida Senior Living (NYSE:SNDA - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.43). Sonida Senior Living had a negative net margin of 23.27% and a negative return on equity of 25.53%. The business had revenue of $207.65 million during the quarter. During the same quarter in the previous year, the business earned ($0.16) earnings per share. As a group, sell-side analysts forecast that Sonida Senior Living, Inc. will post -3.21 EPS for the current year.

Sonida Senior Living Company Profile

Sonida Senior Living NYSE: SNDA is a publicly traded company that owns and operates senior living communities in the United States. The company’s core business centers on providing housing and care services for older adults, with an emphasis on assisted living, memory care and related supportive services tailored to residents’ needs.

Sonida’s communities combine residential accommodations with on-site services such as personal care assistance, medication management, dining programs, social and recreational activities, and clinical oversight.

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