Canaccord Genuity Group Issues Positive Forecast for Driven Brands (NASDAQ:DRVN) Stock Price

Key Points

• Canaccord Genuity raised Driven Brands’ price target from $17 to $18 and maintained a “buy” rating, implying 48.58% upside from the prior close.
• Driven Brands shares fell 3.3% to $12.12, while analysts’ consensus view remained “Moderate Buy” with an average price target of $16.43.
• Institutional ownership stands at 77.08%, with several investors recently increasing their positions; the company most recently reported quarterly EPS of $0.29.

Driven Brands (NASDAQ:DRVN - Get Free Report) had its target price raised by equities researchers at Canaccord Genuity Group from $17.00 to $18.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 48.58% from the company's previous close.

DRVN has been the subject of a number of other reports. Morgan Stanley set a $14.00 price target on Driven Brands in a research report on Friday, August 7th. Royal Bank Of Canada lowered their target price on shares of Driven Brands from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Friday, August 7th. BMO Capital Markets reduced their price target on Driven Brands from $18.00 to $14.00 and set a "market perform" rating for the company in a report on Thursday, May 21st. Benchmark reiterated a "buy" rating on shares of Driven Brands in a research report on Tuesday, May 26th. Finally, Piper Sandler upped their price target on shares of Driven Brands from $11.00 to $13.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Driven Brands presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.43.

Driven Brands Trading Down 3.3%

NASDAQ DRVN traded down $0.41 during trading on Thursday, hitting $12.12. 1,199,106 shares of the company's stock traded hands, compared to its average volume of 1,424,986. Driven Brands has a 12-month low of $9.80 and a 12-month high of $18.60. The company has a debt-to-equity ratio of 1.99, a current ratio of 1.47 and a quick ratio of 1.33. The stock has a fifty day moving average of $13.85 and a two-hundred day moving average of $13.13. The firm has a market cap of $2.00 billion, a P/E ratio of 11.63 and a beta of 0.94.

Driven Brands (NASDAQ:DRVN - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The company reported $0.29 EPS for the quarter. Driven Brands had a net margin of 8.61% and a return on equity of 24.13%. As a group, sell-side analysts expect that Driven Brands will post 1.12 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in DRVN. Osaic Holdings Inc. grew its stake in shares of Driven Brands by 82.1% in the second quarter. Osaic Holdings Inc. now owns 2,087 shares of the company's stock worth $37,000 after acquiring an additional 941 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Driven Brands by 744.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,103 shares of the company's stock valued at $37,000 after purchasing an additional 1,854 shares during the period. Comerica Bank boosted its position in shares of Driven Brands by 328.8% in the fourth quarter. Comerica Bank now owns 2,933 shares of the company's stock valued at $43,000 after acquiring an additional 2,249 shares during the period. Larson Financial Group LLC lifted its stake in Driven Brands by 1,347.7% during the fourth quarter. Larson Financial Group LLC now owns 3,822 shares of the company's stock worth $57,000 after purchasing an additional 3,558 shares during the last quarter. Finally, SJS Investment Consulting Inc. raised its holdings in Driven Brands by 420.2% in the 1st quarter. SJS Investment Consulting Inc. now owns 4,500 shares of the company's stock valued at $57,000 after buying an additional 3,635 shares during the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

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.

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