Driven Brands (NASDAQ:DRVN) Price Target Raised to $17.00

Driven Brands (NASDAQ:DRVN) had its price target lifted by JPMorgan Chase & Co. from $14.50 to $17.00 in a report issued on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also commented on the stock. BMO Capital Markets boosted their price objective on shares of Driven Brands from $15.00 to $16.00 and gave the stock a “market perform” rating in a research note on Wednesday. Piper Sandler boosted their price target on Driven Brands from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday. Canaccord Genuity Group raised their price objective on Driven Brands from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Stifel Nicolaus boosted their target price on Driven Brands from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Royal Bank of Canada increased their target price on Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Driven Brands has a consensus rating of “Moderate Buy” and an average price target of $19.60.

Driven Brands Stock Performance

Driven Brands stock opened at $17.53 on Wednesday. Driven Brands has a fifty-two week low of $10.59 and a fifty-two week high of $17.57. The stock’s 50 day simple moving average is $16.03 and its two-hundred day simple moving average is $15.42. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.72 and a current ratio of 1.90. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 438.25, a PEG ratio of 0.79 and a beta of 1.15.

Driven Brands (NASDAQ:DRVN) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.13. The company had revenue of $564.12 million for the quarter, compared to analyst estimates of $572.95 million. Driven Brands had a return on equity of 14.86% and a net margin of 0.27%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.19 earnings per share. As a group, analysts expect that Driven Brands will post 0.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Driven Brands

A number of hedge funds have recently bought and sold shares of DRVN. Blue Trust Inc. grew its stake in shares of Driven Brands by 600.5% in the fourth quarter. Blue Trust Inc. now owns 9,198 shares of the company’s stock worth $148,000 after acquiring an additional 7,885 shares during the period. Townsquare Capital LLC bought a new stake in Driven Brands in the 3rd quarter worth approximately $153,000. LPL Financial LLC purchased a new stake in Driven Brands during the 4th quarter valued at $178,000. BNP Paribas Financial Markets bought a new position in shares of Driven Brands during the 4th quarter valued at $205,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Driven Brands in the 4th quarter worth $215,000. 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.