Driven Brands (NASDAQ:DRVN) Earns “Overweight” Rating from Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Driven Brands (NASDAQ:DRVN) in a research note released on Friday morning, Benzinga reports. The firm currently has a $17.00 target price on the stock, up from their prior target price of $14.00.

A number of other brokerages have also weighed in on DRVN. The Goldman Sachs Group upped 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. JPMorgan Chase & Co. cut Driven Brands from an overweight rating to a neutral rating and dropped their price objective for the company from $18.00 to $12.50 in a research note on Friday, May 3rd. Barclays dropped their price objective 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. Canaccord Genuity Group dropped their price objective on Driven Brands from $21.00 to $17.00 and set a buy rating on the stock in a research note on Friday, May 3rd. Finally, BMO Capital Markets started coverage on Driven Brands in a research note on Monday, July 22nd. They set a market perform rating and a $14.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $17.75.

Driven Brands Stock Down 2.0 %

Shares of NASDAQ:DRVN traded down $0.27 during trading on Friday, reaching $13.30. 457,867 shares of the stock were exchanged, compared to its average volume of 1,286,557. The company has a debt-to-equity ratio of 3.20, a current ratio of 1.86 and a quick ratio of 1.67. Driven Brands has a 1-year low of $10.59 and a 1-year high of $16.14. The stock has a fifty day moving average of $12.36 and a two-hundred day moving average of $13.21. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of -2.86, a price-to-earnings-growth ratio of 0.85 and a beta of 1.12.

Driven Brands (NASDAQ:DRVN) last issued its earnings results on Thursday, August 1st. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.07. Driven Brands had a positive return on equity of 15.31% and a negative net margin of 33.56%. The company had revenue of $611.60 million for the quarter, compared to analyst estimates of $628.34 million. During the same period in the prior year, the firm earned $0.27 earnings per share. Driven Brands’s revenue for the quarter was up .8% on a year-over-year basis. Research analysts anticipate that Driven Brands will post 0.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Kestrel Investment Management Corp purchased a new position in Driven Brands during the 4th quarter valued at about $3,067,000. Grizzlyrock Capital LLC purchased a new position in shares of Driven Brands during the fourth quarter worth about $2,311,000. Bamco Inc. NY grew its holdings in shares of Driven Brands by 14.3% during the first quarter. Bamco Inc. NY now owns 2,000,000 shares of the company’s stock worth $31,580,000 after purchasing an additional 250,000 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Driven Brands by 77.6% during the fourth quarter. Russell Investments Group Ltd. now owns 232,360 shares of the company’s stock worth $3,313,000 after purchasing an additional 101,535 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Driven Brands by 12.0% during the first quarter. Sei Investments Co. now owns 78,370 shares of the company’s stock worth $1,237,000 after purchasing an additional 8,372 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

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.