Driven Brands (NASDAQ:DRVN) Announces Earnings Results

Driven Brands (NASDAQ:DRVN) announced its earnings results on Thursday. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.07, Briefing.com reports. Driven Brands had a positive return on equity of 15.31% and a negative net margin of 33.56%. The firm had revenue of $611.60 million during the quarter, compared to analyst estimates of $628.34 million. During the same quarter in the prior year, the company earned $0.27 EPS. The business’s revenue was up .8% compared to the same quarter last year. Driven Brands updated its FY 2024 guidance to 1.000-1.000 EPS.

Driven Brands Stock Down 6.5 %

DRVN traded down $0.94 during trading on Friday, hitting $13.57. 1,014,118 shares of the company’s stock traded hands, compared to its average volume of 1,129,919. The company’s 50 day simple moving average is $12.36 and its two-hundred day simple moving average is $13.21. The company has a current ratio of 1.86, a quick ratio of 1.67 and a debt-to-equity ratio of 3.20. Driven Brands has a 12-month low of $10.59 and a 12-month high of $16.57. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of -2.91, a PEG ratio of 0.85 and a beta of 1.12.

Wall Street Analyst Weigh In

DRVN has been the subject of several research reports. BMO Capital Markets initiated coverage on Driven Brands in a research report on Monday, July 22nd. They issued a “market perform” rating and a $14.00 target price for the company. The Goldman Sachs Group increased their target price on Driven Brands from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday. Robert W. Baird increased their target price on Driven Brands from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday. JPMorgan Chase & Co. lowered Driven Brands from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $18.00 to $12.50 in a research report on Friday, May 3rd. Finally, Barclays cut their price target on Driven Brands from $25.00 to $22.00 and set an “overweight” rating on the stock in a research note on Monday, May 6th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.68.

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.