Driven Brands (NASDAQ:DRVN) Reaches New 52-Week Low – Here’s What Happened

Shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) hit a new 52-week low during trading on Wednesday . The stock traded as low as $9.80 and last traded at $10.7910, with a volume of 3443197 shares. The stock had previously closed at $16.61.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Driven Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 12th. Stifel Nicolaus set a $23.00 price target on shares of Driven Brands in a report on Monday, November 17th. BTIG Research reissued a “buy” rating and issued a $21.00 price objective on shares of Driven Brands in a research report on Thursday, January 8th. Weiss Ratings restated a “sell (d)” rating on shares of Driven Brands in a report on Monday, December 29th. Finally, Zacks Research downgraded shares of Driven Brands from a “hold” rating to a “strong sell” rating in a research note on Wednesday, January 21st. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.80.

Driven Brands Price Performance

The company has a market cap of $1.68 billion, a P/E ratio of -8.29, a P/E/G ratio of 1.19 and a beta of 1.04. The company’s 50-day moving average price is $15.80 and its two-hundred day moving average price is $15.88. The company has a current ratio of 0.90, a quick ratio of 0.80 and a debt-to-equity ratio of 2.44.

Insider Buying and Selling at Driven Brands

In related news, insider Scott L. O’melia sold 46,875 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $16.00, for a total transaction of $750,000.00. Following the transaction, the insider directly owned 326,944 shares in the company, valued at $5,231,104. This trade represents a 12.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of DRVN. North Peak Capital Management LLC raised its stake in Driven Brands by 9.0% during the second quarter. North Peak Capital Management LLC now owns 7,123,075 shares of the company’s stock worth $125,081,000 after acquiring an additional 589,556 shares during the period. Vanguard Group Inc. grew its holdings in shares of Driven Brands by 5.2% during the fourth quarter. Vanguard Group Inc. now owns 5,851,225 shares of the company’s stock valued at $86,715,000 after purchasing an additional 288,759 shares during the last quarter. Emeth Value Capital LLC raised its position in shares of Driven Brands by 17.8% during the 4th quarter. Emeth Value Capital LLC now owns 3,846,166 shares of the company’s stock worth $57,000,000 after purchasing an additional 582,255 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Driven Brands by 14.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,826,160 shares of the company’s stock worth $56,704,000 after purchasing an additional 491,919 shares during the last quarter. Finally, Boston Partners lifted its holdings in shares of Driven Brands by 1,301.0% in the 4th quarter. Boston Partners now owns 3,426,388 shares of the company’s stock worth $50,783,000 after purchasing an additional 3,181,812 shares during the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

About Driven Brands

Driven Brands Holdings Inc (NASDAQ: DRVN) is a leading North American provider of automotive aftermarket services, operating through a network of franchised and company-owned locations. The company’s platform encompasses a diverse portfolio of car care and maintenance brands, including Meineke Car Care Centers, Maaco Collision Repair & Auto Painting, Take 5 Oil Change, and Carstar Collision Repair. Driven Brands delivers a full range of services from routine maintenance and oil changes to collision repair, paint protection, and vehicle customization.

Headquartered in Charlotte, North Carolina, Driven Brands serves both individual consumers and commercial clients across the United States and Canada.