Driven Brands (NASDAQ:DRVN) Price Target Cut to $17.00

Driven Brands (NASDAQ:DRVN) had its price target lowered by Canaccord Genuity Group from $21.00 to $17.00 in a research report report published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also issued reports on DRVN. The Goldman Sachs Group decreased their target price on Driven Brands from $16.00 to $14.00 and set a neutral rating for the company in a research report on Friday. Piper Sandler decreased their target price on Driven Brands from $18.00 to $14.00 and set an overweight rating for the company in a research report on Friday. Morgan Stanley lowered Driven Brands from an overweight rating to an equal weight rating and reduced their price objective for the company from $22.00 to $14.00 in a research report on Tuesday, January 16th. Royal Bank of Canada reduced their price objective on Driven Brands from $20.00 to $17.00 and set an outperform rating for the company in a research report on Monday, February 26th. Finally, JPMorgan Chase & Co. lowered Driven Brands from an overweight rating to a neutral rating and reduced their price objective for the company from $18.00 to $12.50 in a research report on Friday. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $17.94.

Driven Brands Trading Down 0.9 %

DRVN traded down $0.10 during midday trading on Friday, reaching $11.59. 2,840,752 shares of the company’s stock traded hands, compared to its average volume of 1,442,472. The firm has a fifty day moving average of $14.55 and a two-hundred day moving average of $13.54. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -2.49, a P/E/G ratio of 0.73 and a beta of 1.19. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.92 and a quick ratio of 1.73. Driven Brands has a 52 week low of $10.59 and a 52 week high of $29.88.

Driven Brands (NASDAQ:DRVN) last released its quarterly earnings results on Thursday, February 22nd. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. The business had revenue of $553.70 million during the quarter, compared to analyst estimates of $572.92 million. Driven Brands had a positive return on equity of 11.38% and a negative net margin of 33.30%. Driven Brands’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.22 EPS. On average, equities analysts anticipate that Driven Brands will post 0.88 earnings per share for the current fiscal year.

Institutional Trading of Driven Brands

Several institutional investors have recently added to or reduced their stakes in DRVN. Cambridge Investment Research Advisors Inc. purchased a new stake in Driven Brands during the 3rd quarter valued at $783,000. Bank of New York Mellon Corp boosted its stake in Driven Brands by 2.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 208,008 shares of the company’s stock valued at $2,619,000 after purchasing an additional 5,238 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Driven Brands by 27.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,391 shares of the company’s stock worth $131,000 after buying an additional 2,259 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Driven Brands by 6,787.0% in the 3rd quarter. Signaturefd LLC now owns 6,887 shares of the company’s stock worth $87,000 after buying an additional 6,787 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in shares of Driven Brands in the 3rd quarter worth $2,658,000. 77.08% of the stock is currently 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.