Driven Brands Holdings Inc. (NASDAQ:DRVN) Stock Holdings Lifted by Handelsbanken Fonder AB

Handelsbanken Fonder AB grew its position in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 16.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,500 shares of the company’s stock after purchasing an additional 2,800 shares during the period. Handelsbanken Fonder AB’s holdings in Driven Brands were worth $278,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new position in Driven Brands during the first quarter valued at approximately $26,000. GAMMA Investing LLC lifted its stake in shares of Driven Brands by 49.3% in the 1st quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock valued at $43,000 after purchasing an additional 904 shares during the last quarter. Innealta Capital LLC bought a new stake in Driven Brands in the second quarter worth $86,000. Wedmont Private Capital bought a new stake in Driven Brands in the first quarter worth $159,000. Finally, Norden Group LLC acquired a new position in Driven Brands during the first quarter worth $182,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

Driven Brands Trading Up 3.2 %

Shares of DRVN opened at $14.00 on Tuesday. The stock’s 50-day moving average price is $14.05 and its 200 day moving average price is $13.25. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 3.03. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of -3.00, a P/E/G ratio of 0.83 and a beta of 1.13. 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 released its quarterly earnings data on Thursday, August 1st. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.07. The business had revenue of $611.60 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the business posted $0.27 earnings per share. As a group, research analysts predict that Driven Brands Holdings Inc. will post 0.88 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on DRVN. Robert W. Baird upped their price target on Driven Brands from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Canaccord Genuity Group upped their target price on Driven Brands from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Baird R W raised shares of Driven Brands to a “strong-buy” rating in a research 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 research note on Friday, August 2nd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $17.00 target price (up from $14.00) on shares of Driven Brands in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $16.95.

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.