Rhumbline Advisers Has $1.06 Million Stake in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Rhumbline Advisers grew its holdings in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) by 44.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 83,075 shares of the company’s stock after purchasing an additional 25,486 shares during the period. Rhumbline Advisers owned about 0.05% of Driven Brands worth $1,058,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in Driven Brands during the first quarter worth approximately $26,000. GAMMA Investing LLC grew its holdings 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 worth $43,000 after purchasing an additional 904 shares in the last quarter. Parallel Advisors LLC grew its holdings 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 worth $49,000 after purchasing an additional 2,931 shares in the last quarter. Innealta Capital LLC bought a new position in shares of Driven Brands in the second quarter worth $86,000. Finally, Wedmont Private Capital acquired a new position in Driven Brands in the first quarter valued at about $159,000. 77.08% of the stock is owned by institutional investors.

Driven Brands Price Performance

Driven Brands stock opened at $14.84 on Monday. The company has a market capitalization of $2.43 billion, a PE ratio of -3.18, a P/E/G ratio of 0.82 and a beta of 1.13. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 3.03. The stock has a 50-day moving average price of $13.73 and a two-hundred day moving average price of $13.33. Driven Brands Holdings Inc. has a 12 month low of $10.59 and a 12 month high of $16.00.

Driven Brands (NASDAQ:DRVN) last posted its earnings results on Thursday, August 1st. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.28 by $0.07. Driven Brands had a negative net margin of 33.56% and a positive return on equity of 15.12%. The business had revenue of $611.60 million for the quarter, compared to the consensus estimate of $628.34 million. During the same period last year, the company earned $0.27 EPS. The firm’s revenue was up .8% compared to the same quarter last year. Analysts expect that Driven Brands Holdings Inc. will post 0.88 EPS for the current year.

Analysts Set New Price Targets

DRVN has been the topic of a number of analyst reports. BMO Capital Markets began coverage on shares of 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. Royal Bank of Canada lifted their price objective on shares of Driven Brands from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. 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 note on Friday, August 2nd. Robert W. Baird lifted their price target on Driven Brands from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Piper Sandler reissued an “overweight” rating and set a $17.00 price target (up previously from $14.00) on shares of Driven Brands in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.95.

Driven Brands 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.