Driven Brands (NASDAQ:DRVN) Sets New 1-Year High – Still a Buy?

Driven Brands Holdings Inc. (NASDAQ:DRVN) hit a new 52-week high on Wednesday . The company traded as high as $16.87 and last traded at $16.85, with a volume of 16359 shares changing hands. The stock had previously closed at $16.72.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on DRVN shares. Baird R W raised shares of Driven Brands to a “strong-buy” rating in a research note on Friday, August 2nd. Robert W. Baird increased their price target on shares of Driven Brands from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Canaccord Genuity Group increased their price target on shares of Driven Brands from $20.00 to $21.00 and gave the company a “buy” rating in a report on Friday, November 1st. Stifel Nicolaus increased their price target on shares of Driven Brands from $20.00 to $22.00 and gave the company a “buy” rating in a report on Thursday. Finally, Royal Bank of Canada raised their target price on shares of Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.86.

Driven Brands Stock Performance

The company has a market capitalization of $2.72 billion, a P/E ratio of 414.25, a P/E/G ratio of 1.11 and a beta of 1.11. The business’s fifty day simple moving average is $14.68 and its 200-day simple moving average is $13.32. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.72 and a current ratio of 1.90.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. Driven Brands had a net margin of 0.27% and a return on equity of 14.86%. The business had revenue of $591.70 million during the quarter, compared to analysts’ expectations of $598.49 million. During the same period last year, the company posted $0.19 EPS. The business’s revenue was up 1.8% on a year-over-year basis. As a group, equities analysts anticipate that Driven Brands Holdings Inc. will post 0.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Driven Brands

A number of large investors have recently made changes to their positions in DRVN. Scopia Capital Management LP purchased a new stake in Driven Brands in the 3rd quarter valued at about $16,890,000. Hood River Capital Management LLC bought a new position in shares of Driven Brands during the 1st quarter worth approximately $13,323,000. Marshall Wace LLP raised its stake in shares of Driven Brands by 516.2% during the 2nd quarter. Marshall Wace LLP now owns 612,436 shares of the company’s stock worth $7,796,000 after acquiring an additional 513,045 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of 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 in the last quarter. Finally, Bamco Inc. NY raised its stake in shares of Driven Brands by 14.3% during the 1st quarter. Bamco Inc. NY now owns 2,000,000 shares of the company’s stock worth $31,580,000 after acquiring an additional 250,000 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Driven Brands Company 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.