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

Driven Brands Holdings Inc. (NASDAQ:DRVN) was the recipient of a large 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 trading volume, of 1,080,000 shares, the short-interest ratio is currently 4.0 days.

Institutional Trading of Driven Brands

A number of hedge funds have recently modified their holdings of the stock. Wedmont Private Capital purchased a new stake in shares of Driven Brands in the first quarter worth about $159,000. GAMMA Investing LLC boosted its position in 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Driven Brands by 13.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,066 shares of the company’s stock worth $173,000 after purchasing an additional 1,460 shares in the last quarter. Barclays PLC boosted its position in Driven Brands by 46.7% during the fourth quarter. Barclays PLC now owns 58,238 shares of the company’s stock worth $830,000 after purchasing an additional 18,536 shares in the last quarter. Finally, Voloridge Investment Management LLC boosted its position in Driven Brands by 19.1% during the fourth quarter. Voloridge Investment Management LLC now owns 134,718 shares of the company’s stock worth $1,921,000 after purchasing an additional 21,629 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Driven Brands Stock Performance

Shares of DRVN stock traded up $0.16 during mid-day trading on Wednesday, reaching $14.56. The stock had a trading volume of 116,337 shares, compared to its average volume of 1,073,747. The business’s fifty day moving average is $14.46 and its 200-day moving average is $13.35. The company has a current ratio of 1.92, a quick ratio of 1.73 and a debt-to-equity ratio of 3.21. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of -3.23, a PEG ratio of 0.90 and a beta of 1.18. Driven Brands has a 1-year low of $10.60 and a 1-year high of $31.47.

Driven Brands (NASDAQ:DRVN) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.19 earnings per share for the quarter, beating 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 positive return on equity of 11.00% and a negative net margin of 32.33%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.22 earnings per share. On average, research analysts forecast that Driven Brands will post 0.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.