JPMorgan Chase & Co. Cuts Driven Brands (NASDAQ:DRVN) Price Target to $21.00

Driven Brands (NASDAQ:DRVN) had its price objective trimmed by JPMorgan Chase & Co. from $23.00 to $21.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts also recently weighed in on the stock. Wall Street Zen upgraded shares of Driven Brands from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Canaccord Genuity Group reiterated a “buy” rating and set a $24.00 price objective on shares of Driven Brands in a research note on Thursday, September 18th. Piper Sandler lowered their target price on shares of Driven Brands from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, October 24th. BTIG Research reduced their price target on Driven Brands from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Tuesday, November 4th. Finally, Zacks Research upgraded Driven Brands to a “hold” rating in a report on Friday, August 8th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Driven Brands currently has a consensus rating of “Hold” and a consensus target price of $21.00.

Driven Brands Stock Down 2.8%

DRVN opened at $13.90 on Wednesday. The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.80 and a current ratio of 0.90. Driven Brands has a fifty-two week low of $13.61 and a fifty-two week high of $19.74. The firm’s fifty day moving average is $15.74 and its 200 day moving average is $16.93. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of -11.21, a price-to-earnings-growth ratio of 0.83 and a beta of 1.05.

Driven Brands (NASDAQ:DRVN) last posted its earnings results on Wednesday, March 12th. The company reported $0.30 earnings per share for the quarter. Driven Brands had a negative net margin of 9.14% and a positive return on equity of 25.31%. The company had revenue of $564.12 million during the quarter. On average, sell-side analysts forecast that Driven Brands will post 0.85 earnings per share for the current fiscal year.

Insider Transactions at Driven Brands

In other Driven Brands news, Director Jonathan G. Fitzpatrick sold 110,000 shares of Driven Brands stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $18.05, for a total transaction of $1,985,500.00. Following the completion of the sale, the director directly owned 2,279,453 shares in the company, valued at approximately $41,144,126.65. The trade was a 4.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in DRVN. Osaic Holdings Inc. boosted its holdings in Driven Brands by 82.1% in the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the company’s stock valued at $37,000 after purchasing an additional 941 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Driven Brands by 744.6% in the second quarter. EverSource Wealth Advisors LLC now owns 2,103 shares of the company’s stock worth $37,000 after buying an additional 1,854 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Driven Brands by 1,113.8% during the third quarter. Farther Finance Advisors LLC now owns 3,338 shares of the company’s stock worth $54,000 after acquiring an additional 3,063 shares during the period. Summit Securities Group LLC purchased a new position in Driven Brands during the first quarter valued at approximately $72,000. Finally, Versant Capital Management Inc purchased a new position in Driven Brands during the third quarter valued at approximately $84,000. Hedge funds and other 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.