Driven Brands (NASDAQ:DRVN) Price Target Cut to $17.00 by Analysts at Canaccord Genuity Group

Driven Brands (NASDAQ:DRVN) had its price objective cut by Canaccord Genuity Group from $21.00 to $17.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 46.68% from the stock’s previous close.

DRVN has been the subject of several other reports. Morgan Stanley cut shares of Driven Brands from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $22.00 to $14.00 in a research note on Tuesday, January 16th. JPMorgan Chase & Co. cut Driven Brands from an “overweight” rating to a “neutral” rating and cut their target price for the company from $18.00 to $12.50 in a research note on Friday. The Goldman Sachs Group dropped their target price on shares of Driven Brands from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Friday. Piper Sandler lowered their price objective on shares of Driven Brands from $18.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Royal Bank of Canada reduced their price target on Driven Brands from $20.00 to $17.00 and set an “outperform” rating for the company in a research report on Monday, February 26th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.94.

Driven Brands Stock Performance

Driven Brands stock traded down $0.10 during midday trading on Friday, reaching $11.59. 2,839,493 shares of the company traded hands, compared to its average volume of 1,218,006. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of -2.56, a price-to-earnings-growth ratio of 0.91 and a beta of 1.19. The business has a 50 day moving average of $14.59 and a two-hundred day moving average of $13.54. Driven Brands has a 12 month low of $10.59 and a 12 month high of $29.88. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.92 and a quick ratio of 1.73.

Driven Brands (NASDAQ:DRVN) last announced its earnings results on Thursday, February 22nd. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. Driven Brands had a negative net margin of 32.33% and a positive return on equity of 11.00%. The business had revenue of $553.70 million during the quarter, compared to analysts’ expectations of $572.92 million. During the same period in the prior year, the company earned $0.22 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. As a group, research analysts predict that Driven Brands will post 0.88 earnings per share for the current year.

Institutional Trading of Driven Brands

Several hedge funds have recently made changes to their positions in DRVN. Vanguard Group Inc. lifted its stake in Driven Brands by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,390,311 shares of the company’s stock worth $67,864,000 after acquiring an additional 100,300 shares in the last quarter. HG Vora Capital Management LLC acquired a new position in shares of Driven Brands in the fourth quarter valued at approximately $49,910,000. TimesSquare Capital Management LLC increased its stake in Driven Brands by 15.3% during the 3rd quarter. TimesSquare Capital Management LLC now owns 2,052,348 shares of the company’s stock worth $25,839,000 after buying an additional 272,815 shares during the period. Cooper Creek Partners Management LLC acquired a new stake in Driven Brands during the 3rd quarter worth approximately $22,402,000. Finally, Norges Bank purchased a new position in Driven Brands in the 4th quarter valued at approximately $18,583,000. Hedge funds and other institutional investors 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.