Driven Brands (NASDAQ:DRVN) Sets New 12-Month High – Here’s What Happened

Driven Brands Holdings Inc. (NASDAQ:DRVN) hit a new 52-week high during mid-day trading on Saturday . The company traded as high as $17.57 and last traded at $17.53, with a volume of 1193012 shares traded. The stock had previously closed at $16.23.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Canaccord Genuity Group boosted their price target on Driven Brands from $21.00 to $23.00 and gave the company a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. upped their target price on Driven Brands from $14.50 to $17.00 and gave the company a “neutral” rating in a research note on Wednesday. Stifel Nicolaus increased their target price on Driven Brands from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Piper Sandler lifted their price target on Driven Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Royal Bank of Canada increased their price objective on shares of Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.60.

Driven Brands Price Performance

The stock has a market cap of $2.87 billion, a PE ratio of 438.25, a price-to-earnings-growth ratio of 0.79 and a beta of 1.15. 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 company’s fifty day moving average is $16.03 and its 200 day moving average is $15.42.

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

Institutional Investors Weigh In On Driven Brands

Several hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp grew its position in Driven Brands by 260.7% in the fourth quarter. Mackenzie Financial Corp now owns 44,453 shares of the company’s stock valued at $717,000 after acquiring an additional 32,130 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Driven Brands by 27.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 113,515 shares of the company’s stock valued at $1,832,000 after purchasing an additional 24,112 shares during the period. State of Wyoming acquired a new stake in Driven Brands during the 4th quarter valued at $351,000. Seven Six Capital Management LLC purchased a new stake in Driven Brands during the 4th quarter worth $2,431,000. Finally, ProShare Advisors LLC lifted its holdings in Driven Brands by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 16,875 shares of the company’s stock worth $272,000 after buying an additional 5,551 shares in the last quarter. 77.08% of the stock is currently 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.