Driven Brands (NASDAQ:DRVN) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Driven Brands (NASDAQ:DRVN) had its price target raised by analysts at Canaccord Genuity Group from $20.00 to $21.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 42.37% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Piper Sandler reissued an “overweight” rating and issued a $17.00 price target (up previously from $14.00) on shares of Driven Brands in a research note on Friday, August 2nd. The Goldman Sachs Group boosted their price target on shares of Driven Brands from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Royal Bank of Canada increased their price objective on shares of Driven Brands from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Benchmark reissued a “buy” rating and set a $20.00 target price on shares of Driven Brands in a report on Tuesday, August 20th. Finally, Robert W. Baird increased their price target on Driven Brands from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $17.45.

Driven Brands Trading Down 0.7 %

Driven Brands stock opened at $14.75 on Friday. Driven Brands has a 52-week low of $10.59 and a 52-week high of $16.00. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 3.03. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 368.75, a PEG ratio of 0.89 and a beta of 1.11. The firm has a 50-day moving average price of $14.31 and a two-hundred day moving average price of $13.21.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.07. The business had revenue of $611.60 million during the quarter, compared to analyst estimates of $628.34 million. Driven Brands had a return on equity of 15.03% and a net margin of 0.27%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.27 EPS. Sell-side analysts expect that Driven Brands will post 0.88 earnings per share for the current year.

Institutional Trading of Driven Brands

Several hedge funds and other institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Driven Brands during the 1st quarter worth about $26,000. Innealta Capital LLC acquired a new stake in Driven Brands in the second quarter valued at approximately $86,000. nVerses Capital LLC bought a new stake in Driven Brands in the third quarter worth approximately $86,000. Bleakley Financial Group LLC acquired a new position in shares of Driven Brands during the 3rd quarter worth $171,000. Finally, Norden Group LLC bought a new position in shares of Driven Brands during the 1st quarter valued at $182,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

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.