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

Driven Brands Holdings Inc. (NASDAQ:DRVN) hit a new 52-week high on Wednesday . The company traded as high as $16.87 and last traded at $16.85, with a volume of 16359 shares changing hands. The stock had previously closed at $16.72.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Baird R W upgraded shares of Driven Brands to a “strong-buy” rating in a report on Friday, August 2nd. Robert W. Baird raised their price objective on shares of Driven Brands from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. The Goldman Sachs Group raised their price objective on shares of Driven Brands from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. BMO Capital Markets initiated coverage on shares of 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. Finally, Piper Sandler restated an “overweight” rating and set a $17.00 price objective (up from $14.00) on shares of Driven Brands in a research report on Friday, August 2nd. Four analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $17.45.

Driven Brands Stock Performance

The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.72 and a current ratio of 1.90. The firm has a market cap of $2.76 billion, a P/E ratio of 418.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.11. The firm’s fifty day moving average price is $14.57 and its 200 day moving average price is $13.27.

Driven Brands (NASDAQ:DRVN) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. The firm had revenue of $591.70 million during the quarter, compared to analyst estimates of $598.49 million. Driven Brands had a net margin of 0.27% and a return on equity of 14.86%. Driven Brands’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.19 EPS. Sell-side analysts expect that Driven Brands Holdings Inc. will post 0.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Bamco Inc. NY raised its holdings in shares of Driven Brands by 14.3% during 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 last quarter. AQR Capital Management LLC increased its holdings in Driven Brands by 79.9% in the second quarter. AQR Capital Management LLC now owns 929,073 shares of the company’s stock valued at $11,483,000 after buying an additional 412,547 shares in the last quarter. Hood River Capital Management LLC purchased a new position in Driven Brands in the first quarter valued at $13,323,000. Marshall Wace LLP increased its holdings in Driven Brands by 516.2% in the second quarter. Marshall Wace LLP now owns 612,436 shares of the company’s stock valued at $7,796,000 after buying an additional 513,045 shares in the last quarter. Finally, Squarepoint Ops LLC increased its holdings in Driven Brands by 15.3% in the second quarter. Squarepoint Ops LLC now owns 241,306 shares of the company’s stock valued at $3,072,000 after buying an additional 31,978 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

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.