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

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

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

Driven Brands Stock Down 0.9 %

Shares of Driven Brands stock traded down $0.10 on Friday, hitting $11.59. 2,840,752 shares of the company’s stock traded hands, compared to its average volume of 1,442,472. The company has a fifty day moving average of $14.55 and a two-hundred day moving average of $13.54. Driven Brands has a one year low of $10.59 and a one year high of $29.88. 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 (NASDAQ:DRVN) last posted its quarterly earnings results on Thursday, February 22nd. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The firm had revenue of $553.70 million for the quarter, compared to analysts’ expectations of $572.92 million. Driven Brands had a positive return on equity of 11.38% and a negative net margin of 33.30%. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.22 EPS. Sell-side analysts anticipate that Driven Brands will post 0.88 earnings per share for the current year.

Hedge Funds Weigh In On Driven Brands

A number of hedge funds have recently bought and sold shares of DRVN. HG Vora Capital Management LLC bought a new position in shares of Driven Brands during the fourth quarter valued at about $49,910,000. Cooper Creek Partners Management LLC purchased a new position in shares of Driven Brands in the 3rd quarter worth approximately $22,402,000. Norges Bank purchased a new position in shares of Driven Brands in the 4th quarter worth approximately $18,583,000. Algert Global LLC purchased a new stake in shares of Driven Brands during the third quarter valued at approximately $8,716,000. Finally, AQR Capital Management LLC lifted its holdings in Driven Brands by 7,230.1% during the third quarter. AQR Capital Management LLC now owns 657,799 shares of the company’s stock worth $8,282,000 after acquiring an additional 648,825 shares during the period. 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.