Canaccord Genuity Group Trims Driven Brands (NASDAQ:DRVN) Target Price to $17.00

Driven Brands (NASDAQ:DRVN) had its price target lowered by analysts at Canaccord Genuity Group from $21.00 to $17.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 46.68% from the stock’s previous close.

DRVN has been the topic of a number of other reports. Piper Sandler reduced their target price on shares of Driven Brands from $18.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday. The Goldman Sachs Group reduced their target price on shares of Driven Brands from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Friday. Royal Bank of Canada cut their price objective on shares of Driven Brands from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Monday, February 26th. JPMorgan Chase & Co. lowered shares of Driven Brands from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $18.00 to $12.50 in a report on Friday. Finally, Morgan Stanley lowered shares of Driven Brands from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $22.00 to $14.00 in a report on Tuesday, January 16th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $17.94.

Driven Brands Trading Down 0.9 %

Driven Brands stock traded down $0.10 during midday trading on Friday, reaching $11.59. The stock had a trading volume of 2,839,493 shares, compared to its average volume of 1,218,006. The company has a quick ratio of 1.73, a current ratio of 1.92 and a debt-to-equity ratio of 3.21. Driven Brands has a 52-week low of $10.59 and a 52-week high of $29.88. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of -2.56, a price-to-earnings-growth ratio of 0.91 and a beta of 1.19. The company has a fifty day moving average of $14.59 and a 200 day moving average of $13.54.

Driven Brands (NASDAQ:DRVN) last issued its earnings results on Thursday, February 22nd. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The business had revenue of $553.70 million for the quarter, compared to analyst estimates of $572.92 million. Driven Brands had a negative net margin of 32.33% and a positive return on equity of 11.00%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company posted $0.22 earnings per share. On average, analysts anticipate that Driven Brands will post 0.88 earnings per share for the current fiscal year.

Institutional Trading of Driven Brands

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its holdings in shares of Driven Brands by 49.3% in the first quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock worth $43,000 after buying an additional 904 shares during the last quarter. Quent Capital LLC lifted its position in Driven Brands by 17.1% during the 4th quarter. Quent Capital LLC now owns 8,921 shares of the company’s stock worth $127,000 after acquiring an additional 1,304 shares during the period. Swiss National Bank grew its stake in Driven Brands by 1.0% during the 3rd quarter. Swiss National Bank now owns 147,300 shares of the company’s stock valued at $1,855,000 after purchasing an additional 1,500 shares during the last quarter. Lindbrook Capital LLC increased its holdings in shares of Driven Brands by 126.9% in the fourth quarter. Lindbrook Capital LLC now owns 2,850 shares of the company’s stock valued at $41,000 after purchasing an additional 1,594 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Driven Brands in the first quarter worth about $26,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Driven Brands Company Profile

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.