Edgestream Partners L.P. Buys 158,412 Shares of Driven Brands Holdings Inc. (NASDAQ:DRVN)

Edgestream Partners L.P. boosted its stake in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 247.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 222,525 shares of the company’s stock after purchasing an additional 158,412 shares during the quarter. Edgestream Partners L.P.’s holdings in Driven Brands were worth $3,175,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in DRVN. Scopia Capital Management LP bought a new stake in shares of Driven Brands in the third quarter worth about $16,890,000. PEAK6 Investments LLC acquired a new position in shares of Driven Brands during the third quarter worth about $398,000. MetLife Investment Management LLC boosted its position in shares of Driven Brands by 129.1% during the third quarter. MetLife Investment Management LLC now owns 35,158 shares of the company’s stock worth $502,000 after buying an additional 19,810 shares during the period. Townsquare Capital LLC acquired a new position in shares of Driven Brands during the third quarter worth about $153,000. Finally, Millrace Asset Group Inc. acquired a new position in shares of Driven Brands during the third quarter worth about $1,420,000. Institutional investors own 77.08% of the company’s stock.

Wall Street Analysts Forecast Growth

DRVN has been the subject of several recent research reports. Canaccord Genuity Group upped their price objective on Driven Brands from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $20.00 price objective on shares of Driven Brands in a research report on Tuesday, August 20th. Stifel Nicolaus upped their price objective on Driven Brands from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Royal Bank of Canada increased their price target on Driven Brands from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.86.

Driven Brands Price Performance

NASDAQ:DRVN opened at $16.85 on Monday. The company has a quick ratio of 1.72, a current ratio of 1.90 and a debt-to-equity ratio of 2.84. The stock’s 50 day moving average price is $15.20 and its two-hundred day moving average price is $13.66. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 421.25, a P/E/G ratio of 1.12 and a beta of 1.11. Driven Brands Holdings Inc. has a 12-month low of $10.59 and a 12-month high of $17.35.

Driven Brands (NASDAQ:DRVN) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. The firm had revenue of $591.70 million for the quarter, compared to analyst estimates of $598.49 million. Driven Brands had a return on equity of 14.86% and a net margin of 0.27%. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.19 earnings per share. On average, analysts anticipate that Driven Brands Holdings Inc. will post 0.86 earnings per share 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.