SAH
Sonic Automotive, Inc.
NYSEUSDEQUITY
Consumer Cyclical
DELAYED
Sell
-31/100
Last price
62.62
▼ 0.01 (0.01%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
Lower pane
Overlay another symbol
Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
61.69
Prev close
62.63
Day high
61.84
Day low
59.93
Volume
308.78K
Market cap
$1.93B
P/E (TTM)
9.73
52W range
54.11 – 113.67
Day trading desk
Gap from prior close
-1.50%
Prior close 62.63
VWAP
60.92
+2.80% from price
Relative volume
2.26×
Unusually busy
Session range
4.55%
59.90 – 62.62
Position in range
100%
Near session high
ATR (14D)
3.55
5.67% of price
Prior day high
62.83
PDH
Prior day low
59.28
PDL
Bid / ask spread
—
Quote not published
Session volume
693.02K
Avg 307.16K
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
+1.92%
-0.0%
1M
-24.69%
-25.8%
3M
-30.69%
-35.2%
6M
-3.94%
-22.1%
YTD
-1.39%
-15.6%
1Y
-19.88%
-36.3%
3Y
+27.72%
-54.5%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on SAH open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
-90.57K
Net selling
Buy transactions
7
24.02K shares
Sell transactions
4
114.59K shares
Net transactions
+11
Buys less sells
Sell : buy shares
4.8 : 1
Mixed
Insider-held shares
12.31M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jun 10, 26 | DYKE FRANK JEFF III President |
SELL | 50.00K | $4.26M | Direct |
| Jun 8, 26 | DYKE FRANK JEFF III President |
SELL | 50.00K | $4.15M | Indirect |
| Jun 2, 26 | BYRD HEATH R Chief Financial Officer |
SELL | 5.06K | $430.19K | Direct |
| May 28, 26 | BYRD HEATH R Chief Financial Officer |
SELL | 9.53K | $809.71K | Direct |
| Apr 30, 26 | BROOKS WILLIAM R Director |
STOCK | 2.92K | $0 | Direct |
| Apr 30, 26 | BELK WILLIAM IRWIN Director |
STOCK | 2.84K | $0 | Direct |
| Apr 30, 26 | SMITH BRYAN SCOTT Director and Beneficial Owner of more than 10% of a Class of Security |
STOCK | 4.37K | $0 | Direct |
| Apr 30, 26 | TAYLOR R EUGENE Director |
STOCK | 2.84K | $0 | Direct |
| Apr 30, 26 | SMITH MARCUS G Director and Beneficial Owner of more than 10% of a Class of Security |
STOCK | 4.37K | $0 | Direct |
| Apr 30, 26 | KAISER KERI A Director |
STOCK | 3.06K | $0 | Direct |
| Apr 30, 26 | HODGE MICHAEL EDWARD Director |
STOCK | 3.61K | $0 | Direct |
| Mar 31, 26 | SMITH DAVID BRUTON Chief Executive Officer |
— | 13.26K | — | Direct |
| Mar 31, 26 | DYKE FRANK JEFF III President |
— | 7.53K | — | Direct |
| Mar 31, 26 | BYRD HEATH R Chief Financial Officer |
— | 5.87K | — | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Fundamentals
Market cap$1.93B
Enterprise value$6.31B
Revenue (TTM)$15.47B
Gross profit$2.43B
EBITDA$656.30M
Net income$212.00M
EPS (TTM)$6.27
Free cash flow$-116.08M
Total cash$294.40M
Total debt$4.67B
Book value / share$32.45
Shares outstanding19.59M
Float12.07M
Short % of float22.72%
Dividend yield2.69%
Beta (5Y)0.93
Valuation & profitability ratios
Trailing P/E9.73
Forward P/E8.15
PEG ratio0.60
Price / sales—
Price / book1.88
EV / revenue0.41
EV / EBITDA9.61
Gross margin15.70%
Operating margin3.38%
Profit margin1.37%
Return on equity20.63%
Return on assets5.25%
Debt / equity455.52
Current ratio1.01
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $15.15B | $14.22B | $14.37B | $14.00B | +6.5% |
| Operating revenue | $15.15B | $14.22B | $14.37B | $14.00B | +6.5% |
| Cost of revenue | $12.77B | $12.03B | $12.13B | $11.68B | +6.1% |
| Gross profit | $2.38B | $2.19B | $2.25B | $2.32B | +8.7% |
| Selling, general & admin | $1.68B | $1.58B | $1.60B | $1.56B | +6.4% |
| Total operating expense | $1.84B | $1.73B | $1.74B | $1.68B | +6.6% |
| Operating income | $541.30M | $465.40M | $502.90M | $634.40M | +16.3% |
| Net interest income | -$194.70M | -$204.30M | -$181.80M | -$124.20M | +4.7% |
| Pre-tax income | $172.80M | $256.10M | $241.90M | $190.00M | -32.5% |
| Tax provision | $54.10M | $40.10M | $63.70M | $101.50M | +34.9% |
| Net income | $118.70M | $216.00M | $178.20M | $88.50M | -45.0% |
| Net income to common | $118.70M | $216.00M | $178.20M | $88.50M | -45.0% |
| Basic EPS | 3.49 | 6.34 | 5.09 | 2.29 | -45.0% |
| Diluted EPS | 3.42 | 6.18 | 4.97 | 2.23 | -44.7% |
| EBIT | $361.90M | $454.70M | $423.70M | $314.20M | -20.4% |
| EBITDA | $525.30M | $605.10M | $566.00M | $441.70M | -13.2% |
| Basic shares | 34.00M | 34.10M | 35.00M | 38.70M | -0.3% |
| Diluted shares | 34.70M | 35.00M | 35.90M | 39.70M | -0.9% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $6.30M | $44.00M | $28.90M | $229.20M | — | -85.7% |
| Cash & short-term investments | $6.30M | $44.00M | $28.90M | $229.20M | — | -85.7% |
| Accounts receivable | — | — | $528.10M | $462.40M | $401.10M | — |
| Inventory | $2.01B | $1.96B | $1.58B | $1.22B | — | +2.8% |
| Total current assets | $2.83B | $2.89B | $2.52B | $2.21B | — | -1.8% |
| Property, plant & equipment | $2.17B | $2.15B | $2.06B | $2.05B | — | +1.0% |
| Goodwill & intangibles | $875.90M | $788.80M | $671.20M | $627.70M | — | +11.0% |
| Total assets | $5.97B | $5.90B | $5.36B | $4.98B | — | +1.3% |
| Total current liabilities | $2.60B | $2.64B | $2.29B | $1.85B | — | -1.5% |
| Current debt | $1.99B | $2.02B | $1.73B | $1.31B | — | -1.5% |
| Long-term debt | $1.56B | $1.51B | $1.62B | $1.67B | — | +3.4% |
| Total debt | $4.23B | $4.13B | $3.86B | $3.49B | — | +2.4% |
| Total liabilities | $4.90B | $4.83B | $4.47B | $4.08B | — | +1.4% |
| Retained earnings | $1.48B | $1.41B | $1.24B | $1.10B | — | +4.9% |
| Shareholder equity | $1.07B | $1.06B | $891.90M | $895.20M | — | +0.5% |
| Working capital | $234.60M | $247.80M | $227.50M | $360.90M | — | -5.3% |
| Net tangible assets | $192.20M | $273.50M | $220.70M | $267.50M | — | -29.7% |
| Shares issued | 82.16M | 81.43M | 80.65M | 79.60M | — | +0.9% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $118.70M | $216.00M | $178.20M | $88.50M | -45.0% |
| Depreciation & amortisation | $141.30M | $130.40M | $124.20M | $113.90M | +8.4% |
| Stock-based compensation | $23.10M | $23.50M | $23.30M | $20.50M | -1.7% |
| Change in working capital | $121.80M | -$238.20M | -$390.80M | -$120.40M | +151.1% |
| Operating cash flow | $567.40M | $109.20M | -$15.70M | $406.10M | +419.6% |
| Capital expenditure | -$149.90M | -$187.30M | -$203.60M | -$227.10M | +20.0% |
| Investing cash flow | -$499.00M | -$178.30M | -$218.70M | -$299.70M | -179.9% |
| Share buybacks | -$82.40M | -$34.40M | -$177.60M | -$261.90M | -139.5% |
| Dividends paid | -$48.80M | -$40.80M | -$40.00M | -$34.50M | -19.6% |
| Financing cash flow | -$106.10M | $84.30M | $34.10M | -$176.60M | -225.9% |
| Free cash flow | $417.50M | -$78.10M | -$219.30M | $179.00M | +634.6% |
| End cash position | $6.30M | $44.00M | $28.90M | $229.20M | -85.7% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $3.93B | $3.69B | $3.87B | $3.97B | $3.66B | +6.7% |
| Operating revenue | $3.93B | $3.69B | $3.87B | $3.97B | $3.66B | +6.7% |
| Cost of revenue | $3.32B | $3.09B | $3.27B | $3.36B | $3.06B | +7.4% |
| Gross profit | $616.20M | $598.80M | $598.70M | $615.50M | $602.20M | +2.9% |
| Selling, general & admin | $444.60M | $427.00M | $433.70M | $451.60M | $412.60M | +4.1% |
| Total operating expense | $484.60M | $465.70M | $475.50M | $492.80M | $453.10M | +4.1% |
| Operating income | $131.60M | $133.10M | $123.20M | $122.70M | $149.10M | -1.1% |
| Net interest income | -$51.20M | -$47.70M | -$50.10M | -$51.40M | -$45.70M | -7.3% |
| Pre-tax income | $80.30M | $85.10M | $73.20M | $71.20M | -$69.10M | -5.6% |
| Tax provision | $22.90M | $24.30M | $26.30M | $24.40M | -$23.50M | -5.8% |
| Net income | $57.40M | $60.80M | $46.90M | $46.80M | -$45.60M | -5.6% |
| Net income to common | $57.40M | $60.80M | $46.90M | $46.80M | -$45.60M | -5.6% |
| Basic EPS | 1.82 | 1.81 | 1.39 | 1.37 | -1.34 | +0.6% |
| Diluted EPS | 1.79 | 1.79 | 1.36 | 1.33 | -1.34 | 0.0% |
| EBIT | $129.80M | $131.40M | $121.80M | $121.20M | -$24.80M | -1.2% |
| EBITDA | $169.80M | $170.10M | $163.60M | $162.40M | $15.70M | -0.2% |
| Basic shares | 31.60M | 33.60M | 33.80M | 34.20M | 34.10M | -6.0% |
| Diluted shares | 32.10M | 34.00M | 34.40M | 35.10M | 34.10M | -5.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $19.20M | $5.70M | $6.30M | $89.40M | $110.40M | — | +236.8% |
| Cash & short-term investments | $19.20M | $5.70M | $6.30M | $89.40M | $110.40M | — | +236.8% |
| Accounts receivable | $425.60M | $415.40M | — | $446.50M | $397.90M | $514.70M | +2.5% |
| Inventory | $2.32B | $2.12B | $2.01B | $2.06B | $2.12B | — | +9.5% |
| Total current assets | $3.10B | $2.96B | $2.83B | $2.81B | $2.78B | — | +4.6% |
| Property, plant & equipment | $2.27B | $2.18B | $2.17B | $2.19B | $2.20B | — | +4.5% |
| Goodwill & intangibles | $869.30M | $855.70M | $875.90M | $875.40M | $829.30M | — | +1.6% |
| Total assets | $6.38B | $6.12B | $5.97B | $6.02B | $5.93B | — | +4.3% |
| Total current liabilities | $3.06B | $2.87B | $2.60B | $2.76B | $2.71B | — | +6.6% |
| Current debt | $2.43B | $2.19B | $1.99B | $2.05B | $2.04B | — | +11.0% |
| Long-term debt | $1.57B | $1.54B | $1.56B | $1.44B | $1.47B | — | +2.0% |
| Total debt | $4.67B | $4.43B | $4.23B | $4.16B | $4.16B | — | +5.5% |
| Total liabilities | $5.36B | $5.14B | $4.90B | $4.95B | $4.90B | — | +4.3% |
| Retained earnings | $1.57B | $1.53B | $1.48B | $1.45B | $1.41B | — | +2.9% |
| Shareholder equity | $1.03B | $981.30M | $1.07B | $1.07B | $1.03B | — | +4.5% |
| Working capital | $35.30M | $89.40M | $234.60M | $51.90M | $70.60M | — | -60.5% |
| Net tangible assets | $156.30M | $125.60M | $192.20M | $193.90M | $200.30M | — | +24.4% |
| Shares issued | 31.61M | 82.40M | 82.16M | 82.16M | 82.14M | — | -61.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $57.50M | $60.80M | $46.90M | $46.80M | -$45.60M | -5.4% |
| Depreciation & amortisation | $34.10M | $32.90M | $36.30M | $35.60M | $35.00M | +3.6% |
| Stock-based compensation | $6.00M | $5.10M | $5.80M | $5.80M | $5.60M | +17.6% |
| Change in working capital | -$196.10M | -$61.00M | -$57.60M | $78.90M | $16.30M | -221.5% |
| Operating cash flow | -$100.20M | $35.50M | $66.90M | $167.90M | $136.80M | -382.3% |
| Capital expenditure | -$117.50M | -$37.00M | -$37.30M | -$33.50M | -$34.10M | -217.6% |
| Investing cash flow | -$182.50M | $21.70M | -$4.70M | -$72.40M | -$386.40M | -941.0% |
| Share buybacks | -$6.30M | -$135.70M | -$38.30M | $0 | -$8.80M | +95.4% |
| Dividends paid | -$12.50M | -$12.80M | -$13.00M | -$12.00M | -$11.90M | +2.3% |
| Financing cash flow | $296.20M | -$57.80M | -$145.30M | -$116.50M | $295.40M | +612.5% |
| Free cash flow | -$217.70M | -$1.50M | $29.60M | $134.40M | $102.70M | -14,413.3% |
| End cash position | $19.20M | $5.70M | $6.30M | $89.40M | $110.40M | +236.8% |
Options analytics
Put / call volume
0.25
Call-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
60.00
-1.6% from spot
ATM implied vol
12.5%
Nearest strike to spot
Skew (10% OTM)
-9.4%
Calls bid over puts
Call volume
4
Contracts, this expiry
Put volume
1
Contracts, this expiry
Heaviest call OI
65.00
0 contracts
Heaviest put OI
60.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 1.75 | 1.82 | +4.1% |
| Mar 2026 | 1.40 | 1.62 | +15.5% |
| Dec 2025 | 1.50 | 1.52 | +1.7% |
| Sep 2025 | 1.74 | 1.41 | -18.7% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 1.78 | 10 | $4.06B | +2.1% |
| Next quarter | 1.64 | 10 | $4.06B | +4.9% |
| Current year | 6.84 | 11 | $15.72B | +3.7% |
| Next year | 7.49 | 11 | $16.43B | +4.5% |
Analyst targets & ownership
Mean target$95.36
High target$139.00
Low target$57.00
Implied upside52.28%
Analyst count11
ConsensusBUY
Strong buy / Buy2 / 4
Hold4
Sell / Strong sell1 / 1
Held by insiders38.94%
Held by institutions76.28%
Institutions holding342
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
62.27
+0.57% from price
SMA 20
66.80
-8.68% from price
SMA 50
76.57
-20.33% from price
SMA 100
81.31
-22.98% from price
SMA 200
73.35
-16.83% from price
EMA 12
63.80
-1.84% from price
EMA 26
68.30
-8.31% from price
EMA 50
73.49
-14.78% from price
RSI (14)
33.4
Neutral
MACD (12,26,9)
-4.50
Hist 0.15
ATR (14)
3.55
5.82% of price
Realised vol 30D
49.3%
Annualised
Bollinger upper
78.59
20, 2σ
Bollinger lower
55.01
20, 2σ
50 / 200 cross
Golden
76.57 vs 73.35
Trend bias
Below 200
-16.83%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.71
Less volatile than market
Correlation to SPY
0.21
Largely independent
Realised vol 30D
49.3%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-46.9%
Peak to trough
Max drawdown 5Y
-46.9%
Peak to trough
ATR 14
3.55
5.82% of price
Beta (reported)
0.93
5Y monthly, from filing
Short interest
Shares short
2.20M
Prior 2.09M
Change vs prior
+4.9%
Shorts adding
% of float
22.72%
Heavily shorted
% of shares out
6.95%
Against total outstanding
Days to cover
10.0
Crowded exit
Float
12.07M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Oct 6, 26 | JP Morgan | MAINTAINED | Underweight | Underweight |
| Oct 6, 26 | Barclays | MAINTAINED | Equal-Weight | Equal-Weight |
| Oct 5, 26 | Morgan Stanley | MAINTAINED | Underweight | Underweight |
| Aug 19, 26 | Barclays | MAINTAINED | Equal-Weight | Equal-Weight |
| Aug 4, 26 | JP Morgan | MAINTAINED | Underweight | Underweight |
| Aug 3, 26 | Citigroup | MAINTAINED | Buy | Buy |
| Jul 31, 26 | Needham | MAINTAINED | Buy | Buy |
| Jul 17, 26 | Seaport Global | DOWNGRADE | Buy | Neutral |
| Jul 15, 26 | Barclays | MAINTAINED | Equal-Weight | Equal-Weight |
| Jul 13, 26 | JP Morgan | MAINTAINED | Underweight | Underweight |
| Jul 10, 26 | UBS | MAINTAINED | Buy | Buy |
| Jul 9, 26 | B of A Securities | MAINTAINED | Buy | Buy |
Dividends & splits
Forward rate$1.64 / yr
Forward yield2.69%
5-year avg yield1.78%
Payout ratio24.72%
Ex-dividend dateSep 15, 2026
Next pay dateOct 15, 2026
Last split2:1
Split dateJan 26, 1999
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-07-30
Corporate Changes & Voting Matters
8-K · 2026-05-08
Offering Registrations
S-8 POS · 2026-05-05
Corporate Changes & Voting Matters
8-K · 2026-05-01
Periodic Financial Reports
10-Q · 2026-04-30
Corporate Changes & Voting Matters
8-K · 2026-04-02
Proxy Statements
DEF 14A · 2026-03-06
Periodic Financial Reports
10-K · 2026-02-23
Headlines
Sonic Automotive (SAH) Could Be a Great Choice
Zacks · 6d ago
Can Sonic (SAH) Automotive’s Luxury Bet Outrun Margin Pressure?
Insider Monkey · 14d ago
Are You Looking for a High-Growth Dividend Stock?
Zacks · 22d ago
Sonic Automotive (SAH) Buys Porsche Dealership As Fair Value Debate Comes Into Focus
Simply Wall St. · 39d ago
Is Sonic’s Porsche Walnut Creek Deal Reframing Its Luxury Expansion And Diversification Story (SAH)?
Simply Wall St. · 39d ago
Here's Why You Should Retain Sonic Stock in Your Portfolio
Zacks · 40d ago
Sonic Automotive Acquires Porsche Walnut Creek in California
MT Newswires · 41d ago
Sonic Automotive Expands Luxury Portfolio with Acquisition of Porsche Walnut Creek
PR Newswire · 41d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.