Driven Brands (NASDAQ:DRVN) Releases Earnings Results, Beats Expectations By $0.07 EPS

Driven Brands (NASDAQ:DRVN) released its quarterly earnings data on Thursday. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.07, Briefing.com reports. The business had revenue of $611.60 million for the quarter, compared to analysts’ expectations of $628.34 million. Driven Brands had a positive return on equity of 15.31% and a negative net margin of 33.56%. Driven Brands’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the business posted $0.27 earnings per share. Driven Brands updated its FY 2024 guidance to 1.000-1.000 EPS.

Driven Brands Trading Down 6.5 %

Shares of Driven Brands stock traded down $0.94 during trading hours on Friday, hitting $13.57. The company’s stock had a trading volume of 1,014,118 shares, compared to its average volume of 1,129,919. Driven Brands has a 12 month low of $10.59 and a 12 month high of $16.57. The stock has a 50 day moving average of $12.36 and a 200 day moving average of $13.21. The company has a quick ratio of 1.67, a current ratio of 1.86 and a debt-to-equity ratio of 3.20.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on DRVN shares. BMO Capital Markets began coverage on Driven Brands in a research report on Monday, July 22nd. They set a “market perform” rating and a $14.00 price objective on the stock. JPMorgan Chase & Co. lowered Driven Brands from an “overweight” rating to a “neutral” rating and cut their price target for the company from $18.00 to $12.50 in a research note on Friday, May 3rd. The Goldman Sachs Group upped their price target on Driven Brands from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday. Barclays cut their price target on Driven Brands from $25.00 to $22.00 and set an “overweight” rating on the stock in a research note on Monday, May 6th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $17.00 price target (up previously from $14.00) on shares of Driven Brands in a research note on Friday. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Driven Brands presently has an average rating of “Moderate Buy” and a consensus price target of $17.68.

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.