Driven Brands (NASDAQ:DRVN) Price Target Raised to $20.00

Driven Brands (NASDAQ:DRVN) had its price target hoisted by analysts at Canaccord Genuity Group from $19.00 to $20.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 34.32% from the stock’s previous close.

DRVN has been the topic of a number of other reports. Benchmark reissued a “buy” rating and issued a $20.00 price target on shares of Driven Brands in a research report on Tuesday, August 20th. BMO Capital Markets initiated coverage on shares of Driven Brands in a report on Monday, July 22nd. They issued a “market perform” rating and a $14.00 price objective for the company. Piper Sandler restated an “overweight” rating and issued a $17.00 price objective (up from $14.00) on shares of Driven Brands in a report on Friday, August 2nd. The Goldman Sachs Group boosted their price objective on shares of Driven Brands from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Baird R W upgraded shares of Driven Brands to a “strong-buy” rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $18.23.

Driven Brands Stock Up 4.3 %

Shares of DRVN traded up $0.61 during mid-day trading on Thursday, reaching $14.89. The company had a trading volume of 199,507 shares, compared to its average volume of 1,162,960. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.91 and a current ratio of 2.11. The firm has a 50-day moving average price of $13.62 and a 200 day moving average price of $13.31. Driven Brands has a 52 week low of $10.59 and a 52 week high of $16.00. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of -3.19, a price-to-earnings-growth ratio of 0.82 and a beta of 1.13.

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

Institutional Investors Weigh In On Driven Brands

A number of hedge funds have recently modified their holdings of DRVN. Allspring Global Investments Holdings LLC bought a new stake in shares of Driven Brands during the 1st quarter valued at $26,000. GAMMA Investing LLC grew its position in shares of Driven Brands by 49.3% during the 1st quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock valued at $43,000 after acquiring an additional 904 shares during the period. Parallel Advisors LLC grew its position in shares of Driven Brands by 579.2% during the 4th quarter. Parallel Advisors LLC now owns 3,437 shares of the company’s stock valued at $49,000 after acquiring an additional 2,931 shares during the period. Innealta Capital LLC bought a new stake in shares of Driven Brands during the 2nd quarter valued at $86,000. Finally, Wedmont Private Capital bought a new stake in shares of Driven Brands during the 1st quarter valued at $159,000. 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.