Driven Brands (NASDAQ:DRVN) Sets New 52-Week High – What’s Next?

Driven Brands Holdings Inc. (NASDAQ:DRVN)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $16.87 and last traded at $16.85, with a volume of 16359 shares traded. The stock had previously closed at $16.72.

Analyst Upgrades and Downgrades

DRVN has been the subject of several research analyst reports. The Goldman Sachs Group boosted their price objective on Driven Brands from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Piper Sandler reiterated an “overweight” rating and set a $17.00 price objective (up previously from $14.00) on shares of Driven Brands in a research note on Friday, August 2nd. BMO Capital Markets began coverage on Driven Brands in a research note on Monday, July 22nd. They set a “market perform” rating and a $14.00 price objective on the stock. Royal Bank of Canada upped their price objective on Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Baird R W upgraded Driven Brands to a “strong-buy” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.45.

Driven Brands Stock Performance

The company has a 50-day simple moving average of $14.57 and a two-hundred day simple moving average of $13.27. The company has a quick ratio of 1.72, a current ratio of 1.90 and a debt-to-equity ratio of 2.84. The firm has a market cap of $2.76 billion, a PE ratio of 418.00, a PEG ratio of 1.11 and a beta of 1.11.

Driven Brands (NASDAQ:DRVN) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. Driven Brands had a return on equity of 14.86% and a net margin of 0.27%. The company had revenue of $591.70 million for the quarter, compared to analyst estimates of $598.49 million. During the same period in the previous year, the company posted $0.19 EPS. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, equities research analysts forecast that Driven Brands Holdings Inc. will post 0.86 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC purchased a new position in Driven Brands in the third quarter worth $245,000. GSA Capital Partners LLP purchased a new stake in Driven Brands during the third quarter valued at about $697,000. Versor Investments LP purchased a new stake in shares of Driven Brands during the third quarter worth about $303,000. Bleakley Financial Group LLC purchased a new stake in shares of Driven Brands during the third quarter worth about $171,000. Finally, nVerses Capital LLC purchased a new stake in shares of Driven Brands during the third quarter worth about $86,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Driven Brands Company Profile

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.