Harvey Partners LLC Purchases Shares of 25,000 Driven Brands Holdings Inc. (NASDAQ:DRVN)

Harvey Partners LLC purchased a new position in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 25,000 shares of the company’s stock, valued at approximately $357,000.

Several other large investors have also recently added to or reduced their stakes in the stock. HighTower Advisors LLC grew its position in Driven Brands by 5.9% in the third quarter. HighTower Advisors LLC now owns 29,161 shares of the company’s stock valued at $414,000 after acquiring an additional 1,617 shares in the last quarter. Cinctive Capital Management LP lifted its holdings in Driven Brands by 27.2% in the 3rd quarter. Cinctive Capital Management LP now owns 119,099 shares of the company’s stock worth $1,700,000 after buying an additional 25,473 shares in the last quarter. Bamco Inc. NY boosted its position in Driven Brands by 16.7% in the 3rd quarter. Bamco Inc. NY now owns 3,500,000 shares of the company’s stock valued at $49,945,000 after buying an additional 500,000 shares during the last quarter. Edgestream Partners L.P. grew its stake in shares of Driven Brands by 247.1% during the third quarter. Edgestream Partners L.P. now owns 222,525 shares of the company’s stock valued at $3,175,000 after acquiring an additional 158,412 shares in the last quarter. Finally, Scopia Capital Management LP purchased a new stake in shares of Driven Brands during the third quarter worth about $16,890,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Driven Brands Stock Up 0.8 %

DRVN stock opened at $16.98 on Tuesday. The company has a quick ratio of 1.72, a current ratio of 1.90 and a debt-to-equity ratio of 2.84. The firm’s 50-day simple moving average is $15.20 and its 200 day simple moving average is $13.68. The stock has a market cap of $2.79 billion, a PE ratio of 424.50, a price-to-earnings-growth ratio of 1.12 and a beta of 1.15. Driven Brands Holdings Inc. has a fifty-two week low of $10.59 and a fifty-two week high of $17.35.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on DRVN. Benchmark restated a “buy” rating and set a $20.00 price objective on shares of Driven Brands in a research note on Tuesday, August 20th. Royal Bank of Canada raised their price target 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. Stifel Nicolaus upped their price target on shares of Driven Brands from $20.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, 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 report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.86.

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.