Driven Brands (NASDAQ:DRVN) Reaches New 1-Year High – What’s Next?

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

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Benchmark reaffirmed a “buy” rating and set a $20.00 target price on shares of Driven Brands in a research note on Tuesday, August 20th. The Goldman Sachs Group lifted their price objective on shares of Driven Brands from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Royal Bank of Canada increased their target price on shares of Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Piper Sandler restated an “overweight” rating and issued a $17.00 price target (up from $14.00) on shares of Driven Brands in a report on Friday, August 2nd. Finally, Canaccord Genuity Group upped their price objective on shares of Driven Brands from $20.00 to $21.00 and gave the company a “buy” rating in a report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.86.

Driven Brands Price 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 business has a 50 day simple moving average of $15.03 and a 200-day simple moving average of $13.52. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 421.25, a P/E/G ratio of 1.11 and a beta of 1.11.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in DRVN. Geode Capital Management LLC increased its stake in Driven Brands by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,511,230 shares of the company’s stock valued at $21,570,000 after buying an additional 19,681 shares during the last quarter. Barclays PLC increased its position in shares of Driven Brands by 36.0% during the third quarter. Barclays PLC now owns 205,068 shares of the company’s stock valued at $2,928,000 after acquiring an additional 54,277 shares during the last quarter. Orion Portfolio Solutions LLC lifted its holdings in Driven Brands by 54.9% during the third quarter. Orion Portfolio Solutions LLC now owns 16,398 shares of the company’s stock worth $234,000 after acquiring an additional 5,815 shares during the period. State Street Corp lifted its holdings in Driven Brands by 2.2% during the third quarter. State Street Corp now owns 1,424,332 shares of the company’s stock worth $20,325,000 after acquiring an additional 30,852 shares during the period. Finally, Stifel Financial Corp boosted its position in Driven Brands by 7.5% in the third quarter. Stifel Financial Corp now owns 193,021 shares of the company’s stock worth $2,754,000 after purchasing an additional 13,510 shares during the last quarter. 77.08% of the stock is owned by institutional investors.

Driven Brands Company Profile

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.