Driven Brands (NASDAQ:DRVN) Price Target Raised to $20.00

Driven Brands (NASDAQ:DRVN) had its target price raised by Royal Bank of Canada from $17.00 to $20.00 in a research note released on Friday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other brokerages have also recently commented on DRVN. The Goldman Sachs Group raised their price objective on shares of Driven Brands from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Benchmark restated a “buy” rating and issued a $20.00 price target on shares of Driven Brands in a research report on Tuesday, August 20th. BMO Capital Markets assumed coverage on Driven Brands in a research note on Monday, July 22nd. They set a “market perform” rating and a $14.00 target price for the company. Piper Sandler reiterated an “overweight” rating and issued a $17.00 target price (up previously from $14.00) on shares of Driven Brands in a report on Friday, August 2nd. Finally, Canaccord Genuity Group lifted their target price on Driven Brands from $20.00 to $21.00 and gave the company a “buy” rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.45.

Driven Brands Stock Up 0.9 %

Shares of NASDAQ DRVN opened at $14.88 on Friday. The stock’s fifty day simple moving average is $14.31 and its two-hundred day simple moving average is $13.19. Driven Brands has a 12-month low of $10.59 and a 12-month high of $16.00. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 3.03. The stock has a market capitalization of $2.44 billion, a PE ratio of 372.00, a price-to-earnings-growth ratio of 0.89 and a beta of 1.11.

Driven Brands (NASDAQ:DRVN) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. The firm had revenue of $591.70 million during the quarter, compared to analyst estimates of $598.49 million. Driven Brands had a net margin of 0.27% and a return on equity of 15.03%. Driven Brands’s revenue was up 1.8% on a year-over-year basis. During the same period last year, the firm posted $0.19 EPS. As a group, analysts expect that Driven Brands will post 0.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Driven Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new position in Driven Brands during the first quarter worth about $26,000. nVerses Capital LLC acquired a new position in Driven Brands during the 3rd quarter worth $86,000. Innealta Capital LLC bought a new stake in shares of Driven Brands in the 2nd quarter valued at approximately $86,000. Norden Group LLC bought a new position in shares of Driven Brands in the 1st quarter worth about $182,000. Finally, Bleakley Financial Group LLC acquired a new position in Driven Brands in the third quarter valued at approximately $171,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

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.