Driven Brands (NASDAQ:DRVN) Sets New 1-Year High – Here’s What Happened

Driven Brands Holdings Inc. (NASDAQ:DRVN)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $17.08 and last traded at $17.08, with a volume of 10427 shares traded. The stock had previously closed at $16.69.

Analyst Upgrades and Downgrades

DRVN has been the topic of several research reports. Royal Bank of Canada raised their price objective on shares of Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Benchmark reissued a “buy” rating and set a $20.00 price objective on shares of Driven Brands in a research report on Tuesday, August 20th. Robert W. Baird raised their price objective on shares of Driven Brands from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Canaccord Genuity Group raised their price objective on shares of Driven Brands from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, Baird R W raised shares of Driven Brands to a “strong-buy” rating in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.86.

Driven Brands Price Performance

The company has a debt-to-equity ratio of 2.84, a current ratio of 1.90 and a quick ratio of 1.72. The company’s 50 day moving average is $14.98 and its 200 day moving average is $13.48. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of 417.25, a PEG ratio of 1.11 and a beta of 1.11.

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

Hedge Funds Weigh In On Driven Brands

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DRVN. Scopia Capital Management LP purchased a new stake in shares of Driven Brands during the third quarter worth about $16,890,000. Marshall Wace LLP grew its holdings in shares of Driven Brands by 516.2% during the second quarter. Marshall Wace LLP now owns 612,436 shares of the company’s stock worth $7,796,000 after buying an additional 513,045 shares in the last quarter. Bamco Inc. NY grew its holdings in shares of Driven Brands by 16.7% during the third quarter. Bamco Inc. NY now owns 3,500,000 shares of the company’s stock worth $49,945,000 after buying an additional 500,000 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Driven Brands by 79.9% during the second quarter. AQR Capital Management LLC now owns 929,073 shares of the company’s stock worth $11,483,000 after buying an additional 412,547 shares in the last quarter. Finally, HG Vora Capital Management LLC grew its holdings in shares of Driven Brands by 4.9% during the third quarter. HG Vora Capital Management LLC now owns 7,550,000 shares of the company’s stock worth $107,738,000 after buying an additional 350,000 shares in the last quarter. Institutional investors and hedge funds 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.