Driven Brands Holdings Inc. (NASDAQ:DRVN) Shares Sold by Millennium Management LLC

Millennium Management LLC trimmed its holdings in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 41.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,653,790 shares of the company’s stock after selling 2,552,224 shares during the quarter. Millennium Management LLC’s holdings in Driven Brands were worth $46,513,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. SG Americas Securities LLC increased its holdings in shares of Driven Brands by 396.7% in the 2nd quarter. SG Americas Securities LLC now owns 123,531 shares of the company’s stock valued at $1,573,000 after acquiring an additional 98,662 shares during the period. Grizzlyrock Capital LLC acquired a new position in shares of Driven Brands in the 4th quarter valued at $2,311,000. Bamco Inc. NY increased its holdings in shares of Driven Brands by 14.3% in the 1st quarter. Bamco Inc. NY now owns 2,000,000 shares of the company’s stock valued at $31,580,000 after acquiring an additional 250,000 shares during the period. Edgestream Partners L.P. acquired a new position in shares of Driven Brands in the 2nd quarter valued at $816,000. Finally, Sei Investments Co. increased its holdings in shares of Driven Brands by 12.0% in the 1st quarter. Sei Investments Co. now owns 78,370 shares of the company’s stock valued at $1,237,000 after acquiring an additional 8,372 shares during the period. 77.08% of the stock is owned by institutional investors and hedge funds.

Driven Brands Price Performance

Shares of NASDAQ DRVN opened at $14.50 on Wednesday. The firm has a market capitalization of $2.38 billion, a P/E ratio of -3.11, a PEG ratio of 0.89 and a beta of 1.13. Driven Brands Holdings Inc. has a one year low of $10.59 and a one year high of $16.00. The company’s fifty day moving average is $13.90 and its two-hundred day moving average is $13.32. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.91 and a current ratio of 2.11.

Driven Brands (NASDAQ:DRVN) last issued 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. The company had revenue of $611.60 million for the quarter, compared to analyst estimates of $628.34 million. Driven Brands had a negative net margin of 33.56% and a positive return on equity of 15.12%. The business’s revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 EPS. Analysts forecast that Driven Brands Holdings Inc. will post 0.88 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on DRVN shares. BMO Capital Markets started coverage on shares of Driven Brands in a research report on Monday, July 22nd. They issued a “market perform” rating and a $14.00 price objective on the stock. The Goldman Sachs Group lifted their price objective on shares of Driven Brands from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. 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 report on Friday, August 2nd. Robert W. Baird lifted their price objective on shares of Driven Brands from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Baird R W upgraded shares of Driven Brands to a “strong-buy” rating in a research report 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.com, the stock has a consensus 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.