Driven Brands (NASDAQ:DRVN) Hits New 12-Month High - Here's Why

Key Points

• Driven Brands (NASDAQ:DRVN) shares reached a new 52-week high at $18.72 amid strong trading volume, closing at $18.58.
• Analysts have shown confidence in Driven Brands, with several upgrades, including Canaccord Genuity raising the target price from $23.00 to $24.00 and JPMorgan Chase increasing its price objective from $17.00 to $23.00.
• The company reported earnings of $0.36 per share for the last quarter, exceeding estimates and achieving a 6.2% increase in revenue compared to the same quarter last year.

Driven Brands Holdings Inc. (NASDAQ:DRVN - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $18.72 and last traded at $18.58, with a volume of 154531 shares. The stock had previously closed at $18.25.

Analyst Upgrades and Downgrades

DRVN has been the subject of a number of research analyst reports. Canaccord Genuity Group increased their target price on shares of Driven Brands from $23.00 to $24.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. BTIG Research began coverage on shares of Driven Brands in a research report on Monday, June 30th. They set a "buy" rating and a $22.00 target price for the company. The Goldman Sachs Group began coverage on shares of Driven Brands in a research report on Tuesday, June 3rd. They issued a "neutral" rating and a $20.00 price objective for the company. JPMorgan Chase & Co. raised shares of Driven Brands from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $17.00 to $23.00 in a research report on Wednesday, August 6th. Finally, Zacks Research raised shares of Driven Brands to a "hold" rating in a research report on Friday, August 8th. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Driven Brands has an average rating of "Moderate Buy" and an average price target of $21.60.

Driven Brands Price Performance

The company has a debt-to-equity ratio of 2.82, a current ratio of 1.11 and a quick ratio of 1.01. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of -10.82, a P/E/G ratio of 1.10 and a beta of 1.08. The business's 50-day moving average price is $17.26 and its two-hundred day moving average price is $17.00.

Driven Brands (NASDAQ:DRVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $550.99 million during the quarter, compared to the consensus estimate of $540.12 million. During the same quarter last year, the company 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. On average, research analysts forecast that Driven Brands Holdings Inc. will post 0.85 EPS for the current fiscal year.

Institutional Trading of Driven Brands

A number of hedge funds have recently made changes to their positions in the stock. Lazard Asset Management LLC increased its position in shares of Driven Brands by 0.3% during the 2nd quarter. Lazard Asset Management LLC now owns 216,423 shares of the company's stock valued at $3,800,000 after purchasing an additional 682 shares during the last quarter. Handelsbanken Fonder AB grew its position in Driven Brands by 2.7% during the 2nd quarter. Handelsbanken Fonder AB now owns 30,900 shares of the company's stock worth $543,000 after acquiring an additional 800 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Driven Brands by 3.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,104 shares of the company's stock worth $550,000 after buying an additional 1,079 shares during the period. Creative Planning lifted its holdings in Driven Brands by 4.4% in the 2nd quarter. Creative Planning now owns 34,247 shares of the company's stock worth $601,000 after buying an additional 1,444 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey lifted its holdings in Driven Brands by 12.0% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 14,027 shares of the company's stock worth $246,000 after buying an additional 1,500 shares during the period. Institutional investors and hedge funds 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.

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