Driven Brands (NASDAQ:DRVN) Shares Gap Down on Analyst Downgrade

Driven Brands Holdings Inc. (NASDAQ:DRVN) shares gapped down prior to trading on Friday after Canaccord Genuity Group lowered their price target on the stock from $21.00 to $17.00. The stock had previously closed at $11.69, but opened at $11.35. Canaccord Genuity Group currently has a buy rating on the stock. Driven Brands shares last traded at $11.86, with a volume of 589,486 shares.

Several other research firms also recently issued reports on DRVN. Royal Bank of Canada dropped their target price on Driven Brands from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Monday, February 26th. JPMorgan Chase & Co. lowered shares of Driven Brands from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $18.00 to $12.50 in a research report on Friday. Piper Sandler lowered their target price on shares of Driven Brands from $18.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday. The Goldman Sachs Group reduced their price target on shares of Driven Brands from $16.00 to $14.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Morgan Stanley cut Driven Brands from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $22.00 to $14.00 in a research report on Tuesday, January 16th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Driven Brands currently has a consensus rating of “Moderate Buy” and an average price target of $17.94.

Institutional Investors Weigh In On Driven Brands

Large investors have recently made changes to their positions in the business. GAMMA Investing LLC boosted its stake in shares of Driven Brands by 49.3% during 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. Quent Capital LLC grew its stake in shares of Driven Brands by 17.1% in the fourth quarter. Quent Capital LLC now owns 8,921 shares of the company’s stock worth $127,000 after acquiring an additional 1,304 shares during the last quarter. Swiss National Bank increased its holdings in shares of Driven Brands by 1.0% during the third quarter. Swiss National Bank now owns 147,300 shares of the company’s stock valued at $1,855,000 after acquiring an additional 1,500 shares in the last quarter. Lindbrook Capital LLC raised its position in shares of Driven Brands by 126.9% in the 4th quarter. Lindbrook Capital LLC now owns 2,850 shares of the company’s stock worth $41,000 after purchasing an additional 1,594 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in Driven Brands in the 1st quarter worth about $26,000. 77.08% of the stock is currently owned by institutional investors.

Driven Brands Stock Down 0.9 %

The company has a market capitalization of $1.90 billion, a PE ratio of -2.49, a P/E/G 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. The company’s 50-day moving average is $14.55 and its 200 day moving average is $13.54.

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

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.