Driven Brands (NASDAQ:DRVN) Downgraded to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Driven Brands (NASDAQ:DRVN) from an overweight rating to a neutral rating in a report issued on Friday, Marketbeat.com reports. They currently have $12.50 price target on the stock, down from their previous price target of $18.00.

Other equities research analysts have also issued reports about the stock. Morgan Stanley lowered shares of Driven Brands from an overweight rating to an equal weight rating and dropped their price objective for the stock from $22.00 to $14.00 in a report on Tuesday, January 16th. Royal Bank of Canada cut their price target on Driven Brands from $20.00 to $17.00 and set an outperform rating on the stock in a report on Monday, February 26th. Canaccord Genuity Group increased their price objective on Driven Brands from $20.00 to $21.00 and gave the stock a buy rating in a report on Monday, March 18th. Finally, Piper Sandler reduced their price target on Driven Brands from $22.00 to $18.00 and set an overweight rating for the company in a research report on Monday, February 26th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Driven Brands currently has a consensus rating of Moderate Buy and an average target price of $17.61.

Driven Brands Stock Performance

Shares of Driven Brands stock opened at $12.00 on Friday. Driven Brands has a 12 month low of $10.59 and a 12 month high of $28.83. The stock’s fifty day simple moving average is $14.55 and its 200 day simple moving average is $13.56. The company has a market capitalization of $1.97 billion, a PE ratio of -2.59, a PEG ratio of 0.72 and a beta of 1.19. The company has a current ratio of 1.92, a quick ratio of 1.73 and a debt-to-equity ratio of 3.21.

Driven Brands (NASDAQ:DRVN) last released its quarterly earnings data on Thursday, February 22nd. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.03. The business had revenue of $553.70 million for the quarter, compared to analysts’ expectations of $572.92 million. Driven Brands had a positive return on equity of 11.38% and a negative net margin of 33.30%. Driven Brands’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.22 EPS. On average, research analysts predict that Driven Brands will post 0.88 EPS for the current year.

Hedge Funds Weigh In On Driven Brands

Several hedge funds and other institutional investors have recently made changes to their positions in DRVN. Norden Group LLC acquired a new stake in Driven Brands in the first quarter valued at $182,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Driven Brands in the 1st quarter valued at about $26,000. Cambridge Investment Research Advisors Inc. lifted its stake in Driven Brands by 46.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 93,123 shares of the company’s stock valued at $1,470,000 after purchasing an additional 29,435 shares during the last quarter. Wedmont Private Capital bought a new position in Driven Brands during the first quarter worth about $159,000. Finally, GAMMA Investing LLC increased its position in Driven Brands by 49.3% during the first quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock worth $43,000 after buying an additional 904 shares during the last quarter. 77.08% of the stock is owned by 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.