Royal Bank of Canada Forecasts Strong Price Appreciation for Driven Brands (NASDAQ:DRVN) Stock

Driven Brands (NASDAQ:DRVN) had its price target hoisted by research analysts at Royal Bank of Canada from $17.00 to $20.00 in a report released on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 33.69% from the company’s current price.

A number of other research analysts also recently commented on DRVN. Piper Sandler reissued an “overweight” rating and set a $17.00 target price (up previously from $14.00) on shares of Driven Brands in a research report on Friday, August 2nd. BMO Capital Markets initiated coverage on shares of Driven Brands in a research note on Monday, July 22nd. They issued a “market perform” rating and a $14.00 price objective for the company. Baird R W upgraded Driven Brands to a “strong-buy” rating in a report on Friday, August 2nd. Benchmark reiterated a “buy” rating and issued a $20.00 price target on shares of Driven Brands in a report on Tuesday, August 20th. Finally, The Goldman Sachs Group upped their price objective on Driven Brands from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Driven Brands currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.45.

Driven Brands Trading Up 0.7 %

Shares of NASDAQ:DRVN traded up $0.11 during trading on Friday, reaching $14.96. 289,427 shares of the company were exchanged, compared to its average volume of 1,093,827. The company has a debt-to-equity ratio of 3.03, a current ratio of 2.11 and a quick ratio of 1.91. The firm has a market capitalization of $2.45 billion, a PE ratio of -3.18, a P/E/G ratio of 0.85 and a beta of 1.13. The business’s fifty day simple moving average is $14.31 and its 200-day simple moving average is $13.21. Driven Brands has a 12-month low of $10.59 and a 12-month high of $16.00.

Driven Brands (NASDAQ:DRVN) last issued its earnings results on Thursday, August 1st. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.07. The business had revenue of $611.60 million during the quarter, compared to analyst estimates of $628.34 million. Driven Brands had a positive return on equity of 15.12% and a negative net margin of 33.56%. Driven Brands’s revenue was up .8% on a year-over-year basis. During the same period in the previous year, the company posted $0.27 EPS. On average, research analysts anticipate that Driven Brands will post 0.88 EPS for the current year.

Hedge Funds Weigh In On Driven Brands

Several hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new stake in Driven Brands during the 1st quarter worth approximately $26,000. Innealta Capital LLC acquired a new stake in shares of Driven Brands during the second quarter worth $86,000. nVerses Capital LLC purchased a new stake in shares of Driven Brands during the third quarter valued at $86,000. Bleakley Financial Group LLC acquired a new position in shares of Driven Brands in the 3rd quarter valued at $171,000. Finally, Norden Group LLC purchased a new position in Driven Brands in the 1st quarter worth $182,000. Institutional investors and hedge funds 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.