Driven Brands (NASDAQ:DRVN) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Driven Brands (NASDAQ:DRVN) issued its quarterly earnings data on Thursday. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.07, Briefing.com reports. Driven Brands had a positive return on equity of 15.31% and a negative net margin of 33.56%. The company had revenue of $611.60 million during the quarter, compared to the consensus estimate of $628.34 million. During the same period last year, the company earned $0.27 earnings per share. The firm’s revenue was up .8% compared to the same quarter last year. Driven Brands updated its FY 2024 guidance to 1.000-1.000 EPS.

Driven Brands Stock Down 6.5 %

Driven Brands stock traded down $0.94 during mid-day trading on Friday, reaching $13.57. The stock had a trading volume of 1,014,118 shares, compared to its average volume of 1,129,919. The firm has a market capitalization of $2.23 billion, a PE ratio of -2.91, a price-to-earnings-growth ratio of 0.85 and a beta of 1.12. Driven Brands has a fifty-two week low of $10.59 and a fifty-two week high of $16.57. The stock’s 50-day simple moving average is $12.36 and its 200-day simple moving average is $13.21. The company has a debt-to-equity ratio of 3.20, a quick ratio of 1.67 and a current ratio of 1.86.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Canaccord Genuity Group dropped their price target on shares of Driven Brands from $21.00 to $17.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $17.00 price target (up previously from $14.00) on shares of Driven Brands in a research report on Friday. Barclays lowered their price objective on Driven Brands from $25.00 to $22.00 and set an “overweight” rating for the company in a research report on Monday, May 6th. JPMorgan Chase & Co. downgraded Driven Brands from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $18.00 to $12.50 in a research note on Friday, May 3rd. Finally, Robert W. Baird lifted their target price on Driven Brands from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.75.

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.