Millrace Asset Group Inc. Acquires Shares of 99,521 Driven Brands Holdings Inc. (NASDAQ:DRVN)

Millrace Asset Group Inc. bought a new position in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 99,521 shares of the company’s stock, valued at approximately $1,420,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Innealta Capital LLC bought a new position in shares of Driven Brands in the second quarter worth $86,000. nVerses Capital LLC acquired a new stake in Driven Brands during the third quarter worth about $86,000. Bleakley Financial Group LLC bought a new position in Driven Brands in the 3rd quarter valued at about $171,000. Price T Rowe Associates Inc. MD raised its position in shares of Driven Brands by 14.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,824 shares of the company’s stock valued at $219,000 after buying an additional 1,758 shares in the last quarter. Finally, Intech Investment Management LLC bought a new stake in shares of Driven Brands during the 3rd quarter worth approximately $245,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

Analyst Upgrades and Downgrades

DRVN has been the topic of a number of recent analyst reports. Piper Sandler reissued an “overweight” rating and issued a $17.00 price objective (up from $14.00) on shares of Driven Brands in a research note on Friday, August 2nd. Baird R W upgraded Driven Brands to a “strong-buy” rating in a research note on Friday, August 2nd. Stifel Nicolaus upped their price objective on Driven Brands from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Robert W. Baird lifted their target price on Driven Brands from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada increased their target price on shares of Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Driven Brands has an average rating of “Moderate Buy” and an average price target of $17.86.

Driven Brands Stock Up 2.1 %

NASDAQ:DRVN opened at $17.04 on Tuesday. Driven Brands Holdings Inc. has a one year low of $10.59 and a one year high of $17.35. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.90 and a quick ratio of 1.72. The company has a market cap of $2.80 billion, a PE ratio of 426.00, a P/E/G ratio of 1.11 and a beta of 1.11. The firm’s 50 day simple moving average is $15.03 and its 200 day simple moving average is $13.52.

Driven Brands (NASDAQ:DRVN) last announced its earnings results on Thursday, October 31st. The company reported $0.26 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 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 previous year, the business earned $0.19 EPS. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, research analysts anticipate that Driven Brands Holdings Inc. will post 0.86 earnings per share for the current year.

Driven Brands 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.