Driven Brands (NASDAQ:DRVN) PT Lowered to $14.00 at Piper Sandler

Driven Brands (NASDAQ:DRVN) had its price objective reduced by Piper Sandler from $18.00 to $14.00 in a research note issued to investors on Friday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other equities research analysts also recently issued reports on DRVN. Morgan Stanley downgraded Driven Brands from an overweight rating to an equal weight rating and cut their price target for the company from $22.00 to $14.00 in a research note on Tuesday, January 16th. Canaccord Genuity Group upped their target price on shares of Driven Brands from $20.00 to $21.00 and gave the company a buy rating in a report on Monday, March 18th. Royal Bank of Canada cut their price objective on shares of Driven Brands from $20.00 to $17.00 and set an outperform rating for the company in a research report on Monday, February 26th. Finally, JPMorgan Chase & Co. cut Driven Brands from an overweight rating to a neutral rating and decreased their target price for the stock from $18.00 to $12.50 in a report on Friday. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Driven Brands currently has an average rating of Moderate Buy and a consensus target price of $17.94.

Driven Brands Stock Down 0.9 %

NASDAQ DRVN opened at $11.59 on Friday. The company has a current ratio of 1.92, a quick ratio of 1.73 and a debt-to-equity ratio of 3.21. The stock has a 50-day moving average of $14.55 and a 200 day moving average of $13.56. Driven Brands has a one year low of $10.59 and a one year high of $29.88.

Driven Brands (NASDAQ:DRVN) last issued its earnings results on Thursday, February 22nd. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.03. The company had revenue of $553.70 million for the quarter, compared to analysts’ expectations of $572.92 million. Driven Brands had a negative net margin of 33.30% and a positive return on equity of 11.38%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the company posted $0.22 earnings per share. As a group, analysts forecast that Driven Brands will post 0.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Driven Brands

Institutional investors have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Driven Brands during the 3rd quarter valued at about $783,000. Bank of New York Mellon Corp increased its stake in Driven Brands by 2.6% during the third quarter. Bank of New York Mellon Corp now owns 208,008 shares of the company’s stock worth $2,619,000 after acquiring an additional 5,238 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Driven Brands by 27.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,391 shares of the company’s stock worth $131,000 after acquiring an additional 2,259 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Driven Brands by 6,787.0% in the 3rd quarter. Signaturefd LLC now owns 6,887 shares of the company’s stock valued at $87,000 after purchasing an additional 6,787 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in shares of Driven Brands in the 3rd quarter worth approximately $2,658,000. Institutional investors own 77.08% of the company’s stock.

Driven Brands Company 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.