Driven Brands (NASDAQ:DRVN) Shares Cross Above Fifty Day Moving Average – Here’s What Happened

Driven Brands Holdings Inc. (NASDAQ:DRVN)’s stock price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $12.10 and traded as high as $12.29. Driven Brands shares last traded at $12.26, with a volume of 777,856 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on DRVN shares. Bank of America initiated coverage on Driven Brands in a report on Thursday, September 10th. They set an “underperform” rating and a $12.00 price target for the company. Royal Bank Of Canada cut their price objective on Driven Brands from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Barclays lowered shares of Driven Brands from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $14.00 to $11.00 in a report on Wednesday, November 4th. Canaccord Genuity Group cut shares of Driven Brands from a “buy” rating to a “hold” rating and set a $12.00 target price on the stock. in a research report on Tuesday, November 3rd. Finally, UBS Group reaffirmed a “buy” rating on shares of Driven Brands in a research report on Thursday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Driven Brands presently has an average rating of “Hold” and a consensus price target of $15.48.

Driven Brands Price Performance

The company has a debt-to-equity ratio of 1.99, a current ratio of 1.47 and a quick ratio of 1.33. The company has a market capitalization of $2.02 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 2.59 and a beta of 0.91. The stock’s 50 day simple moving average is $12.10 and its 200-day simple moving average is $13.20.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Driven Brands during the 2nd quarter worth approximately $67,107,000. Bamco Inc. NY purchased a new position in Driven Brands in the 2nd quarter valued at approximately $62,766,000. Rubric Capital Management LP purchased a new position in Driven Brands in the 1st quarter valued at approximately $37,830,000. Jupiter Topco LLC purchased a new position in Driven Brands in the 2nd quarter valued at approximately $35,214,000. Finally, Conversant Capital LLC acquired a new position in shares of Driven Brands in the first quarter worth $12,610,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

About Driven Brands

Driven Brands Holdings Inc is an automotive aftermarket services company headquartered in Charlotte, North Carolina. It operates and franchises service centers under brands including Take 5 Oil Change, Meineke Car Care Centers, Maaco, CARSTAR and Auto Glass Now.

The company provides a range of vehicle services, including oil changes and preventive maintenance, mechanical repairs, collision repair and refinishing, and auto glass replacement. Through 1-800-Radiator & A/C, it also distributes heating and cooling parts to repair shops and other customers.

Driven Brands serves customers primarily in the United States and Canada, with locations in additional markets.