Driven Brands (NASDAQ:DRVN) Downgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Driven Brands (NASDAQ:DRVN) from an overweight rating to a neutral rating in a report published on Friday, MarketBeat.com reports. They currently have $12.50 price objective on the stock, down from their prior price objective of $18.00.

Several other analysts have also issued reports on the stock. Royal Bank of Canada lowered their price target on shares of Driven Brands from $20.00 to $17.00 and set an outperform rating on the stock in a research report on Monday, February 26th. Piper Sandler decreased their target price on shares of Driven Brands from $22.00 to $18.00 and set an overweight rating on the stock in a report on Monday, February 26th. Morgan Stanley lowered shares of Driven Brands from an overweight rating to an equal weight rating and decreased their target price for the stock from $22.00 to $14.00 in a report on Tuesday, January 16th. Finally, Canaccord Genuity Group upped their target price on shares of Driven Brands from $20.00 to $21.00 and gave the stock a buy rating in a report on Monday, March 18th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $17.94.

Driven Brands Stock Performance

DRVN stock traded down $0.10 during mid-day trading on Friday, hitting $11.59. The company had a trading volume of 2,840,752 shares, compared to its average volume of 1,442,472. The firm has a market cap of $1.90 billion, a PE ratio of -2.49, a price-to-earnings-growth ratio of 0.73 and a beta of 1.19. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.73 and a current ratio of 1.92. Driven Brands has a 12 month low of $10.59 and a 12 month high of $29.88. The stock’s fifty day moving average price is $14.55 and its two-hundred day moving average price is $13.54.

Driven Brands (NASDAQ:DRVN) last posted 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 negative net margin of 33.30% and a positive return on equity of 11.38%. The company had revenue of $553.70 million for the quarter, compared to analyst estimates of $572.92 million. During the same quarter in the previous year, the firm posted $0.22 earnings per share. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, analysts forecast that Driven Brands will post 0.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Driven Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of DRVN. Cambridge Investment Research Advisors Inc. purchased a new position in Driven Brands in the 3rd quarter worth approximately $783,000. Bank of New York Mellon Corp boosted its stake in shares of Driven Brands by 2.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 208,008 shares of the company’s stock valued at $2,619,000 after purchasing an additional 5,238 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Driven Brands by 27.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,391 shares of the company’s stock valued at $131,000 after purchasing an additional 2,259 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Driven Brands by 6,787.0% in the 3rd quarter. Signaturefd LLC now owns 6,887 shares of the company’s stock valued at $87,000 after purchasing an additional 6,787 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of Driven Brands in the 3rd quarter valued at $2,658,000. Hedge funds and other institutional investors own 77.08% of the company’s stock.

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.