Driven Brands (NASDAQ:DRVN) Shares Down 6.1% – Here’s What Happened

Driven Brands Holdings Inc. (NASDAQ:DRVN)’s share price was down 6.1% on Wednesday. The stock traded as low as $11.44 and last traded at $11.3950. 607,209 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 1,375,006 shares. The stock had previously closed at $12.14.

Analyst Ratings Changes

A number of research firms recently weighed in on DRVN. Weiss Ratings downgraded Driven Brands from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, September 28th. Barclays started coverage on Driven Brands in a report on Tuesday, September 22nd. They set an “equal weight” rating and a $14.00 target price on the stock. Royal Bank Of Canada reduced their price target on Driven Brands from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Wall Street Zen cut Driven Brands from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Morgan Stanley set a $14.00 price target on Driven Brands in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $16.23.

Driven Brands Stock Performance

The stock’s 50 day moving average price is $12.39 and its 200 day moving average price is $13.16. The company has a debt-to-equity ratio of 1.99, a quick ratio of 1.33 and a current ratio of 1.47. The company has a market capitalization of $1.88 billion, a P/E ratio of 10.96, a price-to-earnings-growth ratio of 2.01 and a beta of 0.96.

Driven Brands (NASDAQ:DRVN) last announced its earnings results on Monday, July 27th. The company reported $0.29 earnings per share 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 expect that Driven Brands Holdings Inc. will post 1.13 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in DRVN. ZWJ Investment Counsel Inc. lifted its stake in shares of Driven Brands by 5.1% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 33,512 shares of the company’s stock valued at $396,000 after purchasing an additional 1,616 shares during the period. Engineers Gate Manager LP bought a new stake in shares of Driven Brands during the 2nd quarter valued at about $310,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Driven Brands by 13.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 143,213 shares of the company’s stock worth $1,996,000 after purchasing an additional 16,903 shares during the period. Hsbc Holdings PLC grew its stake in Driven Brands by 53.7% during the second quarter. Hsbc Holdings PLC now owns 50,819 shares of the company’s stock worth $696,000 after purchasing an additional 17,745 shares during the period. Finally, Corient Private Wealth LP acquired a new stake in Driven Brands during the second quarter worth approximately $2,371,000. 77.08% of the stock is owned by institutional investors.

Driven Brands Company Profile

Driven Brands Holdings Inc is an automotive services company that provides vehicle maintenance, repair, collision services and related products through a portfolio of franchised and company-operated brands. Its businesses serve both individual vehicle owners and commercial customers across a range of automotive aftermarket needs.

The company’s brands include Take 5 Oil Change, Meineke Car Care Centers, Maaco, 1-800-Radiator & A/C and Auto Glass Now. These brands provide services such as oil changes, routine maintenance, mechanical repair, paint and collision repair, replacement parts distribution and windshield repair and replacement.

Driven Brands was founded in 1972 and is headquartered in Charlotte, North Carolina.