Amalgamated Bank Reduces Stock Position in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Amalgamated Bank trimmed its position in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 39.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,141 shares of the company’s stock after selling 1,406 shares during the quarter. Amalgamated Bank’s holdings in Driven Brands were worth $27,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Edgestream Partners L.P. purchased a new stake in shares of Driven Brands in the 2nd quarter worth $816,000. Meeder Asset Management Inc. purchased a new stake in shares of Driven Brands in the 2nd quarter worth $352,000. Quest Partners LLC lifted its holdings in shares of Driven Brands by 79.3% in the 2nd quarter. Quest Partners LLC now owns 28,001 shares of the company’s stock worth $356,000 after buying an additional 12,386 shares during the period. Rhumbline Advisers lifted its holdings in shares of Driven Brands by 44.3% in the 2nd quarter. Rhumbline Advisers now owns 83,075 shares of the company’s stock worth $1,058,000 after buying an additional 25,486 shares during the period. Finally, Innealta Capital LLC purchased a new stake in shares of Driven Brands in the 2nd quarter worth $86,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DRVN has been the subject of several recent research reports. BMO Capital Markets initiated coverage on Driven Brands in a research report on Monday, July 22nd. They issued a “market perform” rating and a $14.00 price target for the company. Canaccord Genuity Group boosted their price target on Driven Brands from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Piper Sandler reissued an “overweight” rating and issued a $17.00 price target (up from $14.00) on shares of Driven Brands in a research report on Friday, August 2nd. 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. Finally, Royal Bank of Canada boosted their price target on Driven Brands from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Four 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.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.95.

Driven Brands Price Performance

DRVN stock opened at $14.79 on Thursday. Driven Brands Holdings Inc. has a 1 year low of $10.59 and a 1 year high of $16.00. 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 stock’s 50 day moving average price is $13.95 and its 200 day moving average price is $13.33. The firm has a market cap of $2.43 billion, a P/E ratio of -3.17, a PEG ratio of 0.89 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 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.07. The company had revenue of $611.60 million during the quarter, compared to the consensus estimate 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 revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 EPS. On average, sell-side analysts expect that Driven Brands Holdings Inc. will post 0.88 earnings per share for the current fiscal year.

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.