Driven Brands (NASDAQ:DRVN) PT Raised to $20.00

Driven Brands (NASDAQ:DRVN) had its target price increased by investment analysts at Canaccord Genuity Group from $19.00 to $20.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 34.77% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Piper Sandler restated an “overweight” rating and set a $17.00 target price (up from $14.00) on shares of Driven Brands in a research report on Friday, August 2nd. Robert W. Baird increased their price objective on shares of Driven Brands from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Royal Bank of Canada lifted their target price on shares of Driven Brands from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Baird R W raised Driven Brands to a “strong-buy” rating in a research note on Friday, August 2nd. Finally, Benchmark reaffirmed a “buy” rating and set a $20.00 price objective on shares of Driven Brands in a research note on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.23.

Driven Brands Price Performance

DRVN opened at $14.84 on Thursday. The company has a debt-to-equity ratio of 3.03, a current ratio of 2.11 and a quick ratio of 1.91. The stock has a market capitalization of $2.43 billion, a P/E ratio of -3.18, a price-to-earnings-growth ratio of 0.82 and a beta of 1.13. The company’s 50 day simple moving average is $13.70 and its 200-day simple moving average is $13.32. Driven Brands has a one year low of $10.59 and a one year high of $16.00.

Driven Brands (NASDAQ:DRVN) last released its earnings results on Thursday, August 1st. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.28 by $0.07. Driven Brands had a positive return on equity of 15.12% and a negative net margin of 33.56%. The company had revenue of $611.60 million during the quarter, compared to analysts’ expectations of $628.34 million. During the same period last year, the firm earned $0.27 EPS. The business’s revenue for the quarter was up .8% on a year-over-year basis. Sell-side analysts anticipate that Driven Brands will post 0.88 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Driven Brands

A number of hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company increased its stake in Driven Brands by 152.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 38,610 shares of the company’s stock worth $492,000 after purchasing an additional 23,307 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of 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 during the period. Squarepoint Ops LLC increased its position in shares of Driven Brands by 15.3% during the second quarter. Squarepoint Ops LLC now owns 241,306 shares of the company’s stock worth $3,072,000 after acquiring an additional 31,978 shares in the last quarter. Marshall Wace LLP raised 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 acquiring an additional 513,045 shares during the period. Finally, Lombard Odier Asset Management USA Corp bought a new stake in Driven Brands in the 2nd quarter valued at $320,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

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.