Driven Brands (NASDAQ:DRVN) Shares Up 5.7% – Here’s What Happened

Driven Brands Holdings Inc. (NASDAQ:DRVN)’s share price rose 5.7% during mid-day trading on Wednesday . The company traded as high as $14.87 and last traded at $14.9430. Approximately 154,256 shares traded hands during trading, a decline of 82% from the average daily volume of 837,873 shares. The stock had previously closed at $14.14.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Stifel Nicolaus set a $23.00 price target on shares of Driven Brands in a report on Monday, November 17th. Canaccord Genuity Group reiterated a “buy” rating and issued a $24.00 target price on shares of Driven Brands in a research note on Thursday, September 18th. Benchmark restated a “buy” rating on shares of Driven Brands in a research report on Wednesday. William Blair raised Driven Brands from a “market perform” rating to an “outperform” rating in a report on Wednesday. Finally, Zacks Research raised Driven Brands to a “hold” rating in a research note on Friday, August 8th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Driven Brands has an average rating of “Moderate Buy” and an average target price of $21.22.

Driven Brands Price Performance

The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of -12.18, a price-to-earnings-growth ratio of 0.81 and a beta of 1.04. The company has a 50-day moving average price of $14.92 and a 200-day moving average price of $16.62. The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.80 and a current ratio of 0.90.

Driven Brands (NASDAQ:DRVN) last released its quarterly earnings data on Wednesday, March 12th. The company reported $0.30 earnings per share for the quarter. Driven Brands had a negative net margin of 9.14% and a positive return on equity of 25.31%. The business had revenue of $564.12 million for the quarter. On average, equities research analysts expect that Driven Brands Holdings Inc. will post 0.85 EPS for the current fiscal year.

Insider Activity

In related news, Director Jonathan G. Fitzpatrick sold 110,000 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $18.05, for a total value of $1,985,500.00. Following the completion of the sale, the director owned 2,279,453 shares in the company, valued at $41,144,126.65. This represents a 4.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. increased its holdings in shares of Driven Brands by 82.1% in the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the company’s stock worth $37,000 after acquiring an additional 941 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Driven Brands by 744.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,103 shares of the company’s stock valued at $37,000 after purchasing an additional 1,854 shares during the period. Farther Finance Advisors LLC grew its position in shares of Driven Brands by 1,113.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,338 shares of the company’s stock valued at $54,000 after purchasing an additional 3,063 shares during the period. Summit Securities Group LLC bought a new stake in Driven Brands during the 1st quarter worth approximately $72,000. Finally, Versant Capital Management Inc acquired a new stake in Driven Brands during the 3rd quarter worth approximately $84,000. 77.08% of the stock is currently owned by institutional investors.

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.