BTIG Research Reiterates "Buy" Rating for Driven Brands (NASDAQ:DRVN)

Key Points

• BTIG Research has reaffirmed its "buy" rating for Driven Brands (NASDAQ:DRVN) with a price target of $22.00, indicating a potential upside of 18.47% from the current price.
• Driven Brands recently reported quarterly earnings of $0.36 per share, surpassing estimates and demonstrating a 6.2% year-over-year revenue growth.
• Institutional investors hold a substantial 77.08% of Driven Brands' stock, reflecting strong institutional confidence in the company's performance.

Driven Brands (NASDAQ:DRVN - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at BTIG Research in a research report issued on Friday,Benzinga reports. They currently have a $22.00 price target on the stock. BTIG Research's price objective indicates a potential upside of 18.47% from the stock's current price.

A number of other equities research analysts have also weighed in on the stock. Canaccord Genuity Group upped their target price on shares of Driven Brands from $23.00 to $24.00 and gave the stock a "buy" rating in a report on Friday, June 27th. The Goldman Sachs Group assumed coverage on shares of Driven Brands in a report on Tuesday, June 3rd. They issued a "neutral" rating and a $20.00 target price on the stock. Zacks Research raised Driven Brands to a "hold" rating in a research report on Friday, August 8th. Wall Street Zen cut Driven Brands from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, JPMorgan Chase & Co. raised Driven Brands from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $17.00 to $23.00 in a research report on Wednesday, August 6th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $21.60.

Driven Brands Price Performance

Shares of NASDAQ DRVN opened at $18.57 on Friday. The firm's 50-day moving average price is $17.60 and its 200-day moving average price is $17.25. Driven Brands has a 1-year low of $13.44 and a 1-year high of $19.74. The firm has a market capitalization of $3.05 billion, a P/E ratio of -10.92, a P/E/G ratio of 1.10 and a beta of 1.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 2.82.

Driven Brands (NASDAQ:DRVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.02. Driven Brands had a negative net margin of 12.32% and a positive return on equity of 21.17%. The firm had revenue of $550.99 million for the quarter, compared to analyst estimates of $540.12 million. During the same quarter in the prior year, the business earned $0.35 earnings per share. The business's quarterly revenue was up 6.2% compared to the same quarter last year. Driven Brands has set its FY 2025 guidance at 1.150-1.25 EPS. Equities research analysts anticipate that Driven Brands will post 0.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. North Peak Capital Management LLC grew its position in shares of Driven Brands by 9.0% during the 2nd quarter. North Peak Capital Management LLC now owns 7,123,075 shares of the company's stock valued at $125,081,000 after acquiring an additional 589,556 shares during the period. Norwood Investment Partners LP bought a new stake in shares of Driven Brands in the first quarter valued at $15,892,000. Northern Trust Corp raised its stake in shares of Driven Brands by 5.4% in the first quarter. Northern Trust Corp now owns 609,645 shares of the company's stock valued at $10,449,000 after buying an additional 31,430 shares during the period. Hennessy Advisors Inc. bought a new stake in shares of Driven Brands in the second quarter valued at $10,562,000. Finally, Nuveen LLC bought a new stake in shares of Driven Brands in the first quarter valued at $7,167,000. 77.08% of the stock is owned by institutional investors.

About Driven Brands

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.

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