Driven Brands Holdings Inc. (NASDAQ:DRVN) Stake Lowered by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) by 13.4% in the third quarter, HoldingsChannel reports. The firm owned 4,305,096 shares of the company’s stock after selling 667,906 shares during the quarter. JPMorgan Chase & Co.’s holdings in Driven Brands were worth $61,434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in DRVN. Scopia Capital Management LP acquired a new stake in shares of Driven Brands in the 3rd quarter worth about $16,890,000. Marshall Wace LLP grew its holdings in Driven Brands by 516.2% in the 2nd quarter. Marshall Wace LLP now owns 612,436 shares of the company’s stock worth $7,796,000 after buying an additional 513,045 shares in the last quarter. Bamco Inc. NY increased its position in Driven Brands by 16.7% in the 3rd quarter. Bamco Inc. NY now owns 3,500,000 shares of the company’s stock valued at $49,945,000 after acquiring an additional 500,000 shares during the period. AQR Capital Management LLC boosted its position in Driven Brands by 79.9% during the 2nd quarter. AQR Capital Management LLC now owns 929,073 shares of the company’s stock worth $11,483,000 after acquiring an additional 412,547 shares during the period. Finally, HG Vora Capital Management LLC grew its stake in shares of Driven Brands by 4.9% in the third quarter. HG Vora Capital Management LLC now owns 7,550,000 shares of the company’s stock worth $107,738,000 after purchasing an additional 350,000 shares in the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Stifel Nicolaus increased their target price on shares of Driven Brands from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Royal Bank of Canada increased their price target on Driven Brands from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Canaccord Genuity Group raised their price objective on shares of Driven Brands from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.86.

Driven Brands Stock Performance

Shares of Driven Brands stock opened at $15.85 on Friday. The stock has a market cap of $2.60 billion, a PE ratio of 396.25, a price-to-earnings-growth ratio of 1.14 and a beta of 1.15. Driven Brands Holdings Inc. has a 12 month low of $10.59 and a 12 month high of $17.45. The company has a quick ratio of 1.72, a current ratio of 1.90 and a debt-to-equity ratio of 2.84. The business has a fifty day simple moving average of $16.26 and a 200-day simple moving average of $14.56.

Driven Brands (NASDAQ:DRVN) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.04. Driven Brands had a net margin of 0.27% and a return on equity of 14.86%. The firm had revenue of $591.70 million for the quarter, compared to analyst estimates of $598.49 million. During the same quarter in the prior year, the business earned $0.19 EPS. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Driven Brands Holdings Inc. will post 0.86 EPS for the current fiscal year.

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.