Driven Brands (NASDAQ:DRVN) Sees Large Volume Increase

Driven Brands Holdings Inc. (NASDAQ:DRVN) saw unusually-strong trading volume on Thursday . Approximately 668,308 shares were traded during mid-day trading, a decline of 39% from the previous session’s volume of 1,086,718 shares.The stock last traded at $12.52 and had previously closed at $14.66.

Analyst Ratings Changes

Several equities analysts have weighed in on DRVN shares. The Goldman Sachs Group lowered their target price on Driven Brands from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Friday. Morgan Stanley lowered shares of Driven Brands from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $22.00 to $14.00 in a research note on Tuesday, January 16th. Piper Sandler reduced their price objective on Driven Brands from $18.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday. JPMorgan Chase & Co. lowered Driven Brands from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $18.00 to $12.50 in a research report on Friday. Finally, Canaccord Genuity Group reduced their price target on Driven Brands from $21.00 to $17.00 and set a “buy” rating for the company in a report on Friday. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $17.94.

Driven Brands Stock Down 0.9 %

The firm’s 50-day simple moving average is $14.55 and its 200-day simple moving average is $13.54. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of -2.49, a price-to-earnings-growth ratio of 0.73 and a beta of 1.19. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.73 and a current ratio of 1.92.

Driven Brands (NASDAQ:DRVN) last released its quarterly earnings data on Thursday, February 22nd. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The business had revenue of $553.70 million for the quarter, compared to analysts’ expectations of $572.92 million. Driven Brands had a positive return on equity of 11.38% and a negative net margin of 33.30%. Driven Brands’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.22 earnings per share. Sell-side analysts forecast that Driven Brands Holdings Inc. will post 0.88 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norden Group LLC bought a new position in shares of Driven Brands during the 1st quarter worth approximately $182,000. Allspring Global Investments Holdings LLC acquired a new position in Driven Brands during the first quarter worth $26,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Driven Brands by 46.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 93,123 shares of the company’s stock valued at $1,470,000 after acquiring an additional 29,435 shares during the period. Wedmont Private Capital acquired a new stake in shares of Driven Brands in the 1st quarter valued at $159,000. Finally, GAMMA Investing LLC boosted its stake in shares of Driven Brands by 49.3% in the 1st quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock valued at $43,000 after purchasing an additional 904 shares in the last quarter. Institutional investors 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.