Driven Brands Holdings Inc. (NASDAQ:DRVN) Short Interest Down 6.9% in March

Driven Brands Holdings Inc. (NASDAQ:DRVN) was the target of a significant decline in short interest in March. As of March 31st, there was short interest totalling 4,340,000 shares, a decline of 6.9% from the March 15th total of 4,660,000 shares. Approximately 7.5% of the shares of the company are sold short. Based on an average daily volume of 1,080,000 shares, the short-interest ratio is presently 4.0 days.

Driven Brands Stock Up 1.1 %

NASDAQ DRVN traded up $0.16 during trading hours on Wednesday, hitting $14.56. The company had a trading volume of 116,337 shares, compared to its average volume of 1,073,747. Driven Brands has a fifty-two week low of $10.60 and a fifty-two week high of $31.47. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of -3.23, a P/E/G ratio of 0.90 and a beta of 1.18. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.92 and a quick ratio of 1.73. The firm’s 50 day moving average is $14.46 and its 200 day moving average is $13.35.

Driven Brands (NASDAQ:DRVN) last announced its quarterly earnings results on Thursday, February 22nd. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.03. Driven Brands had a positive return on equity of 11.00% and a negative net margin of 32.33%. The firm had revenue of $553.70 million during the quarter, compared to the consensus estimate of $572.92 million. During the same period in the prior year, the firm earned $0.22 EPS. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Sell-side analysts anticipate that Driven Brands will post 0.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

DRVN has been the topic of a number of research analyst reports. Canaccord Genuity Group lifted their target price on Driven Brands from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Piper Sandler decreased their price target on Driven Brands from $22.00 to $18.00 and set an “overweight” rating on the stock in a research note on Monday, February 26th. Morgan Stanley lowered Driven Brands from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $22.00 to $14.00 in a research note on Tuesday, January 16th. Royal Bank of Canada reduced their target price on Driven Brands from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Monday, February 26th. Finally, JPMorgan Chase & Co. reduced their price target on Driven Brands from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 20th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.89.

Hedge Funds Weigh In On Driven Brands

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DRVN. MetLife Investment Management LLC purchased a new position in Driven Brands in the 1st quarter valued at about $28,000. PNC Financial Services Group Inc. lifted its position in shares of Driven Brands by 877.7% during the third quarter. PNC Financial Services Group Inc. now owns 2,679 shares of the company’s stock worth $34,000 after purchasing an additional 2,405 shares during the last quarter. Lindbrook Capital LLC lifted its position in shares of Driven Brands by 126.9% during the fourth 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. GAMMA Investing LLC lifted its position in shares of Driven Brands by 49.3% during the first quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock worth $43,000 after purchasing an additional 904 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of Driven Brands by 54.8% during the third quarter. Tower Research Capital LLC TRC now owns 1,560 shares of the company’s stock worth $44,000 after purchasing an additional 552 shares during the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

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.