Driven Brands (NASDAQ:DRVN) PT Lowered to $17.00 at Canaccord Genuity Group

Driven Brands (NASDAQ:DRVN) had its price target trimmed by Canaccord Genuity Group from $21.00 to $17.00 in a report published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also commented on the company. Piper Sandler reduced their target price on Driven Brands from $18.00 to $14.00 and set an overweight rating for the company in a report on Friday. Royal Bank of Canada lowered their target price on shares of Driven Brands from $20.00 to $17.00 and set an outperform rating on the stock in a research note on Monday, February 26th. Morgan Stanley lowered shares of Driven Brands from an overweight rating to an equal weight rating and reduced their price target for the stock from $22.00 to $14.00 in a research note on Tuesday, January 16th. The Goldman Sachs Group lowered their price objective on shares of Driven Brands from $16.00 to $14.00 and set a neutral rating on the stock in a research report on Friday. Finally, JPMorgan Chase & Co. downgraded shares of Driven Brands from an overweight rating to a neutral rating and cut their target price for the stock from $18.00 to $12.50 in a research report on Friday. Five investment 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, the stock has a consensus rating of Moderate Buy and an average price target of $17.94.

Driven Brands Stock Down 0.9 %

Shares of NASDAQ:DRVN opened at $11.59 on Friday. Driven Brands has a 12-month low of $10.59 and a 12-month high of $29.88. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -2.49, a PEG ratio of 0.72 and a beta of 1.19. The stock has a fifty day simple moving average of $14.55 and a two-hundred day simple moving average of $13.56. The company has a current ratio of 1.92, a quick ratio of 1.73 and a debt-to-equity ratio of 3.21.

Driven Brands (NASDAQ:DRVN) last announced its quarterly earnings results on Thursday, February 22nd. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Driven Brands’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 EPS. On average, research analysts anticipate that Driven Brands will post 0.88 earnings per share for the current fiscal year.

Institutional Trading of Driven Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of DRVN. Cambridge Investment Research Advisors Inc. bought a new stake in Driven Brands during the 3rd quarter worth approximately $783,000. Bank of New York Mellon Corp boosted its holdings in Driven Brands by 2.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 208,008 shares of the company’s stock worth $2,619,000 after buying an additional 5,238 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Driven Brands by 27.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,391 shares of the company’s stock worth $131,000 after buying an additional 2,259 shares in the last quarter. Signaturefd LLC raised its position in shares of Driven Brands by 6,787.0% during the third quarter. Signaturefd LLC now owns 6,887 shares of the company’s stock valued at $87,000 after buying an additional 6,787 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in shares of Driven Brands in the third quarter worth $2,658,000. Hedge funds and other 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.