Driven Brands (NASDAQ:DRVN) Shares Down 6% – Here’s Why

Shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) traded down 6% during mid-day trading on Monday . The stock traded as low as $12.69 and last traded at $12.5350. 71,390 shares traded hands during trading, a decline of 95% from the average session volume of 1,487,801 shares. The stock had previously closed at $13.33.

Analyst Upgrades and Downgrades

Several research firms recently commented on DRVN. Benchmark reaffirmed a “buy” rating on shares of Driven Brands in a research report on Tuesday, May 26th. Royal Bank Of Canada lowered their target price on Driven Brands from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Friday. Morgan Stanley set a $14.00 price target on Driven Brands in a research note on Friday. Canaccord Genuity Group set a $17.00 price target on Driven Brands in a report on Friday. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $14.75 price objective on shares of Driven Brands in a research report on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Driven Brands currently has an average rating of “Moderate Buy” and a consensus target price of $16.77.

Driven Brands Trading Down 5.5%

The company has a market cap of $2.08 billion, a price-to-earnings ratio of 12.12 and a beta of 0.95. The firm has a fifty day moving average price of $14.01 and a 200 day moving average price of $13.69. The company has a debt-to-equity ratio of 1.99, a quick ratio of 1.33 and a current ratio of 1.47.

Driven Brands (NASDAQ:DRVN) last posted its quarterly earnings results on Monday, July 27th. The company reported $0.29 earnings per share (EPS) for the quarter. Driven Brands had a net margin of 8.61% and a return on equity of 24.13%. As a group, equities analysts predict that Driven Brands Holdings Inc. will post 1.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in DRVN. North Peak Capital Management LLC increased its position in Driven Brands by 37.3% during the 4th quarter. North Peak Capital Management LLC now owns 3,990,850 shares of the company’s stock worth $59,144,000 after buying an additional 1,083,896 shares during the period. Rangeley Capital LLC bought a new stake in shares of Driven Brands in the first quarter valued at about $7,888,000. Rubric Capital Management LP acquired a new position in shares of Driven Brands in the first quarter valued at about $37,830,000. Conversant Capital LLC acquired a new position in shares of Driven Brands in the first quarter valued at about $12,610,000. Finally, Dimensional Fund Advisors LP increased its position in Driven Brands by 9.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,362,430 shares of the company’s stock worth $29,783,000 after acquiring an additional 200,788 shares during the period. 77.08% of the stock is owned by institutional investors and hedge funds.

About Driven Brands

Driven Brands Holdings Inc (NASDAQ: DRVN) is a leading North American provider of automotive aftermarket services, operating through a network of franchised and company-owned locations. The company’s platform encompasses a diverse portfolio of car care and maintenance brands, including Meineke Car Care Centers, Maaco Collision Repair & Auto Painting, Take 5 Oil Change, and Carstar Collision Repair. Driven Brands delivers a full range of services from routine maintenance and oil changes to collision repair, paint protection, and vehicle customization.

Headquartered in Charlotte, North Carolina, Driven Brands serves both individual consumers and commercial clients across the United States and Canada.