Driven Brands (NASDAQ:DRVN) Price Target Raised to $20.00

Driven Brands (NASDAQ:DRVN) had its price objective upped by Royal Bank of Canada from $17.00 to $20.00 in a report published on Friday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages also recently weighed in on DRVN. Robert W. Baird upped their target price on shares of Driven Brands from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. BMO Capital Markets initiated coverage on shares of Driven Brands in a report on Monday, July 22nd. They set a “market perform” rating and a $14.00 price target for the company. Benchmark reiterated a “buy” rating and set a $20.00 price target on shares of Driven Brands in a report on Tuesday, August 20th. 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 report on Friday, August 2nd. Finally, Piper Sandler reiterated an “overweight” rating and set a $17.00 price target (up previously from $14.00) on shares of Driven Brands in a report on Friday, August 2nd. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.45.

Driven Brands Price Performance

Driven Brands stock opened at $14.75 on Friday. Driven Brands has a 1 year low of $10.59 and a 1 year high of $16.00. The company’s 50 day simple moving average is $14.31 and its 200-day simple moving average is $13.20. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of 368.75, a price-to-earnings-growth ratio of 0.89 and a beta of 1.11. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.91 and a current ratio of 2.11.

Driven Brands (NASDAQ:DRVN) last announced its earnings results on Thursday, October 31st. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. Driven Brands had a net margin of 0.27% and a return on equity of 15.03%. The firm had revenue of $591.70 million for the quarter, compared to the consensus estimate of $598.49 million. During the same period in the prior year, the firm earned $0.19 EPS. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, equities research analysts expect that Driven Brands will post 0.88 earnings per share for the current year.

Institutional Trading of Driven Brands

A number of large investors have recently bought and sold shares of the business. Bamco Inc. NY raised its position in Driven Brands by 14.3% during the 1st quarter. Bamco Inc. NY now owns 2,000,000 shares of the company’s stock worth $31,580,000 after buying an additional 250,000 shares during the last quarter. AQR Capital Management LLC raised its position in Driven Brands by 79.9% during the 2nd quarter. AQR Capital Management LLC now owns 929,073 shares of the company’s stock worth $11,483,000 after buying an additional 412,547 shares during the last quarter. Hood River Capital Management LLC purchased a new position in Driven Brands during the 1st quarter worth $13,323,000. Marshall Wace LLP raised its position in Driven Brands by 516.2% during the 2nd quarter. Marshall Wace LLP now owns 612,436 shares of the company’s stock worth $7,796,000 after buying an additional 513,045 shares during the last quarter. Finally, Squarepoint Ops LLC raised its position in Driven Brands by 15.3% during the 2nd quarter. Squarepoint Ops LLC now owns 241,306 shares of the company’s stock worth $3,072,000 after buying an additional 31,978 shares during the last quarter. Institutional investors and hedge funds 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.