Driven Brands (NASDAQ:DRVN) Announces Quarterly Earnings Results

Driven Brands (NASDAQ:DRVN) announced its earnings results on Thursday. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.07, Briefing.com reports. The company had revenue of $611.60 million during the quarter, compared to analyst estimates of $628.34 million. Driven Brands had a negative net margin of 33.56% and a positive return on equity of 15.31%. Driven Brands’s revenue was up .8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 earnings per share. Driven Brands updated its FY 2024 guidance to 1.000-1.000 EPS.

Driven Brands Stock Down 6.5 %

DRVN stock traded down $0.94 during midday trading on Friday, reaching $13.57. 1,014,118 shares of the company were exchanged, compared to its average volume of 1,129,919. The company has a quick ratio of 1.67, a current ratio of 1.86 and a debt-to-equity ratio of 3.20. Driven Brands has a 1-year low of $10.59 and a 1-year high of $16.57. The stock’s 50-day simple moving average is $12.36 and its 200 day simple moving average is $13.21.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on DRVN shares. JPMorgan Chase & Co. lowered shares of Driven Brands from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $18.00 to $12.50 in a research note on Friday, May 3rd. The Goldman Sachs Group increased their target price on shares of Driven Brands from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday. Barclays reduced their price target on shares of Driven Brands from $25.00 to $22.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Royal Bank of Canada increased their price target on shares of Driven Brands from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Piper Sandler reissued an “overweight” rating and set a $17.00 price target (up previously from $14.00) on shares of Driven Brands in a research report on Friday. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.68.

About Driven Brands

Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. It offers various services, such as paint, collision, glass, repair, car wash, oil change, and maintenance services. The company also distributes automotive parts, including radiators, air conditioning components, and exhaust products to automotive repair shops, auto parts stores, body shops, and other auto repair outlets; windshields and glass accessories through a network of distribution centers; and consumable products, such as oil filters and wiper blades, as well as training services to repair and maintenance, and paint and collision shops.