Driven Brands (NASDAQ:DRVN) Stock Rating Lowered by Canaccord Genuity Group

Driven Brands (NASDAQ:DRVN) was downgraded by equities researchers at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a research report issued on Tuesday, Briefing.com reports. They currently have a $12.00 price objective on the stock. Canaccord Genuity Group‘s price target suggests a potential upside of 5.12% from the stock’s previous close.

DRVN has been the topic of several other reports. Barclays initiated coverage on Driven Brands in a research note on Tuesday, September 22nd. They set an “equal weight” rating and a $14.00 price objective on the stock. Royal Bank Of Canada lowered their price target on Driven Brands from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Weiss Ratings lowered shares of Driven Brands from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, September 28th. Wall Street Zen upgraded shares of Driven Brands from a “hold” rating to a “buy” rating in a research report on Saturday, October 24th. Finally, Morgan Stanley set a $14.00 price objective on shares of Driven Brands in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.73.

Driven Brands Price Performance

DRVN stock traded down $1.30 during trading on Tuesday, reaching $11.41. The company’s stock had a trading volume of 2,002,583 shares, compared to its average volume of 1,372,615. The company’s fifty day moving average is $12.19 and its 200-day moving average is $13.29. The company has a quick ratio of 1.33, a current ratio of 1.47 and a debt-to-equity ratio of 1.99. Driven Brands has a 1 year low of $9.80 and a 1 year high of $17.30. The company has a market capitalization of $1.88 billion, a P/E ratio of 10.75, a price-to-earnings-growth ratio of 2.02 and a beta of 0.96.

Driven Brands (NASDAQ:DRVN) last posted its quarterly earnings results on Monday, July 27th. The company reported $0.29 earnings per share for the quarter. Driven Brands had a return on equity of 24.13% and a net margin of 8.61%. On average, research analysts expect that Driven Brands will post 1.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Driven Brands

Several hedge funds and other institutional investors have recently modified their holdings of the business. Bfsg LLC lifted its stake in shares of Driven Brands by 22.2% during the 3rd quarter. Bfsg LLC now owns 10,094 shares of the company’s stock worth $119,000 after acquiring an additional 1,835 shares during the last quarter. ZWJ Investment Counsel Inc. increased its stake in Driven Brands by 5.1% in the third quarter. ZWJ Investment Counsel Inc. now owns 33,512 shares of the company’s stock worth $396,000 after purchasing an additional 1,616 shares during the period. Engineers Gate Manager LP purchased a new stake in Driven Brands in the second quarter worth $310,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of 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 last quarter. Finally, Hsbc Holdings PLC lifted its position in shares of 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 last quarter. 77.08% of the stock is currently owned by hedge funds and other 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.