Driven Brands (NASDAQ:DRVN) PT Raised to $16.00 at Royal Bank of Canada

Driven Brands (NASDAQ:DRVN) had its target price hoisted by Royal Bank of Canada from $14.00 to $16.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 17.91% from the stock’s previous close.

A number of other research firms have also recently issued reports on DRVN. Robert W. Baird upped their price objective on Driven Brands from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday. The Goldman Sachs Group upped their target price on Driven Brands from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday. JPMorgan Chase & Co. downgraded shares of Driven Brands from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $18.00 to $12.50 in a research note on Friday, May 3rd. BMO Capital Markets assumed coverage on shares of Driven Brands in a research note on Monday, July 22nd. They issued a “market perform” rating and a $14.00 price objective for the company. Finally, Barclays decreased their target price on shares of Driven Brands from $25.00 to $22.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Driven Brands currently has a consensus rating of “Moderate Buy” and an average target price of $17.68.

Driven Brands Price Performance

DRVN stock traded down $0.94 during midday trading on Friday, reaching $13.57. The company had a trading volume of 1,014,103 shares, compared to its average volume of 1,292,156. The firm has a 50-day moving average price of $12.31 and a 200-day moving average price of $13.21. The company has a market capitalization of $2.23 billion, a P/E ratio of -2.94, a P/E/G ratio of 0.79 and a beta of 1.12. Driven Brands has a 1 year low of $10.59 and a 1 year high of $16.57. The company has a debt-to-equity ratio of 3.20, a current ratio of 1.86 and a quick ratio of 1.67.

Driven Brands (NASDAQ:DRVN) last announced its earnings results on Thursday, May 2nd. The company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. The company had revenue of $572.23 million during the quarter, compared to analyst estimates of $584.31 million. Driven Brands had a negative net margin of 33.30% and a positive return on equity of 12.08%. On average, research analysts anticipate that Driven Brands will post 0.87 earnings per share for the current fiscal year.

Institutional Trading of Driven Brands

A number of institutional investors have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Driven Brands during the 4th quarter valued at $18,583,000. Hood River Capital Management LLC bought a new stake in Driven Brands during the first quarter worth about $13,323,000. Bamco Inc. NY grew its holdings in Driven Brands by 14.3% in the first quarter. Bamco Inc. NY now owns 2,000,000 shares of the company’s stock worth $31,580,000 after purchasing an additional 250,000 shares during the period. Kestrel Investment Management Corp purchased a new stake in Driven Brands in the fourth quarter worth about $3,067,000. Finally, First Eagle Investment Management LLC bought a new position in shares of Driven Brands during the first quarter valued at approximately $3,367,000. 77.08% of the stock is currently owned by hedge funds and other 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.