Driven Brands (NASDAQ:DRVN) Sets New 1-Year High – Here’s What Happened

Driven Brands Holdings Inc. (NASDAQ:DRVN) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $17.08 and last traded at $17.08, with a volume of 10427 shares changing hands. The stock had previously closed at $16.69.

Analyst Ratings Changes

A number of research firms recently issued reports on DRVN. Piper Sandler restated an “overweight” rating and set a $17.00 target price (up from $14.00) on shares of Driven Brands in a research report on Friday, August 2nd. Benchmark reiterated a “buy” rating and issued a $20.00 price objective on shares of Driven Brands in a research report on Tuesday, August 20th. Stifel Nicolaus boosted their target price on shares of Driven Brands from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Canaccord Genuity Group upped their price objective on shares of Driven Brands from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Robert W. Baird upped their price objective on shares of Driven Brands from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.86.

Driven Brands Stock Performance

The firm’s fifty day moving average price is $14.98 and its 200 day moving average price is $13.48. The company has a current ratio of 1.90, a quick ratio of 1.72 and a debt-to-equity ratio of 2.84. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of 417.25, a price-to-earnings-growth ratio of 1.11 and a beta of 1.11.

Driven Brands (NASDAQ:DRVN) last released its earnings results on Thursday, October 31st. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The company had revenue of $591.70 million for 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 14.86%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.19 EPS. Analysts forecast that Driven Brands Holdings Inc. will post 0.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Driven Brands

Hedge funds and other institutional investors have recently modified their holdings of the company. Innealta Capital LLC acquired a new stake in shares of Driven Brands in the 2nd quarter valued at $86,000. nVerses Capital LLC purchased a new position in shares of Driven Brands in the 3rd quarter valued at $86,000. Townsquare Capital LLC purchased a new position in shares of Driven Brands in the 3rd quarter valued at $153,000. Bleakley Financial Group LLC purchased a new position in shares of Driven Brands in the 3rd quarter valued at $171,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Driven Brands by 14.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,824 shares of the company’s stock valued at $219,000 after buying an additional 1,758 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

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.