Conversant Capital LLC Buys Shares of 1,000,000 Driven Brands Holdings Inc. $DRVN

Conversant Capital LLC purchased a new position in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) in the 1st quarter, HoldingsChannel.com reports. The firm purchased 1,000,000 shares of the company’s stock, valued at approximately $12,610,000. Driven Brands makes up 1.7% of Conversant Capital LLC’s holdings, making the stock its 10th largest position.

A number of other institutional investors have also modified their holdings of the company. North Peak Capital Management LLC lifted its stake in Driven Brands by 37.3% during the 4th quarter. North Peak Capital Management LLC now owns 3,990,850 shares of the company’s stock worth $59,144,000 after acquiring an additional 1,083,896 shares in the last quarter. SG Americas Securities LLC increased its stake in Driven Brands by 513.0% during the fourth quarter. SG Americas Securities LLC now owns 116,957 shares of the company’s stock worth $1,733,000 after purchasing an additional 97,879 shares during the period. Tudor Investment Corp ET AL lifted its position in shares of Driven Brands by 63.2% during the third quarter. Tudor Investment Corp ET AL now owns 155,000 shares of the company’s stock worth $2,497,000 after purchasing an additional 60,000 shares in the last quarter. Pullen Investment Management LLC acquired a new stake in shares of Driven Brands during the fourth quarter worth about $1,199,000. Finally, Flax Pond Capital LLC purchased a new position in shares of Driven Brands in the fourth quarter valued at approximately $2,825,000. 77.08% of the stock is owned by institutional investors and hedge funds.

Driven Brands Stock Down 0.5%

Driven Brands stock opened at $13.61 on Friday. Driven Brands Holdings Inc. has a 1-year low of $9.80 and a 1-year high of $19.74. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.38 and a quick ratio of 1.25. The stock has a market cap of $2.25 billion, a PE ratio of 12.15 and a beta of 0.96. The stock’s fifty day moving average is $13.89 and its two-hundred day moving average is $13.77.

Driven Brands (NASDAQ:DRVN) last announced its quarterly earnings results on Thursday, June 11th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.06. Driven Brands had a return on equity of 25.70% and a net margin of 9.08%.The company had revenue of $484.44 million during the quarter, compared to the consensus estimate of $480.84 million. During the same period in the previous year, the business earned $0.27 EPS. Driven Brands’s revenue for the quarter was down 6.2% on a year-over-year basis. On average, sell-side analysts expect that Driven Brands Holdings Inc. will post 1.08 EPS for the current fiscal year.

Analyst Ratings Changes

DRVN has been the topic of several recent research reports. Benchmark reaffirmed a “buy” rating on shares of Driven Brands in a research note on Tuesday, May 26th. Morgan Stanley decreased their price target on shares of Driven Brands from $17.00 to $16.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 20th. Weiss Ratings raised Driven Brands from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, June 12th. BMO Capital Markets decreased their target price on Driven Brands from $18.00 to $14.00 and set a “market perform” rating for the company in a report on Thursday, May 21st. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $14.75 price target on shares of Driven Brands in a report on Wednesday, May 20th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Driven Brands presently has a consensus rating of “Moderate Buy” and an average target price of $17.18.

Driven Brands Profile

Driven Brands Holdings Inc (NASDAQ: DRVN) is a leading North American provider of automotive aftermarket services, operating through a network of franchised and company-owned locations. The company’s platform encompasses a diverse portfolio of car care and maintenance brands, including Meineke Car Care Centers, Maaco Collision Repair & Auto Painting, Take 5 Oil Change, and Carstar Collision Repair. Driven Brands delivers a full range of services from routine maintenance and oil changes to collision repair, paint protection, and vehicle customization.

Headquartered in Charlotte, North Carolina, Driven Brands serves both individual consumers and commercial clients across the United States and Canada.