Driven Brands (NASDAQ:DRVN) Shares Gap Down – Here’s What Happened

Driven Brands Holdings Inc. (NASDAQ:DRVN)’s stock price gapped down before the market opened on Tuesday. The stock had previously closed at $12.72, but opened at $10.75. Driven Brands shares last traded at $11.1930, with a volume of 266,009 shares changing hands.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Bank of America began coverage on Driven Brands in a research note on Thursday, September 10th. They set an “underperform” rating and a $12.00 price objective on the stock. Royal Bank Of Canada lowered their price target on shares of Driven Brands from $17.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. UBS Group restated a “buy” rating on shares of Driven Brands in a research report on Thursday, September 10th. Morgan Stanley set a $14.00 target price on shares of Driven Brands in a research note on Friday, August 7th. Finally, Canaccord Genuity Group raised their price target on Driven Brands from $17.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, September 10th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $16.23.

Driven Brands Trading Down 14.2%

The stock’s 50 day moving average is $12.19 and its 200-day moving average is $13.29. The company has a market cap of $1.80 billion, a P/E ratio of 10.56, a PEG ratio of 2.02 and a beta of 0.96. The company has a current ratio of 1.47, a quick ratio of 1.33 and a debt-to-equity ratio of 1.99.

Driven Brands (NASDAQ:DRVN) last issued its earnings results on Monday, July 27th. The company reported $0.29 earnings per share (EPS) for the quarter. Driven Brands had a net margin of 8.61% and a return on equity of 24.13%. Research analysts anticipate that Driven Brands Holdings Inc. will post 1.13 earnings per share for the current fiscal year.

Institutional Trading of Driven Brands

A number of institutional investors have recently made changes to their positions in DRVN. BlackRock Inc. bought a new position in shares of Driven Brands during the 2nd quarter valued at $67,107,000. Bank of America Corp DE bought a new stake in shares of Driven Brands in the second quarter worth $6,110,000. Rangeley Capital LLC bought a new stake in shares of Driven Brands in the first quarter worth $7,888,000. Bank of New York Mellon Corp bought a new stake in shares of Driven Brands in the second quarter worth $3,715,000. Finally, Rubric Capital Management LP purchased a new stake in Driven Brands during the first quarter valued at $37,830,000. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Driven Brands Company Profile

Driven Brands Holdings Inc is an automotive services company that provides vehicle maintenance, repair, collision services and related products through a portfolio of franchised and company-operated brands. Its businesses serve both individual vehicle owners and commercial customers across a range of automotive aftermarket needs.

The company’s brands include Take 5 Oil Change, Meineke Car Care Centers, Maaco, 1-800-Radiator & A/C and Auto Glass Now. These brands provide services such as oil changes, routine maintenance, mechanical repair, paint and collision repair, replacement parts distribution and windshield repair and replacement.

Driven Brands was founded in 1972 and is headquartered in Charlotte, North Carolina.