Driven Brands (NASDAQ:DRVN) Price Target Raised to $24.00

Driven Brands (NASDAQ:DRVN - Get Free Report) had its target price hoisted by equities researchers at Canaccord Genuity Group from $23.00 to $24.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 35.88% from the company's current price.

DRVN has been the subject of a number of other reports. Wall Street Zen upgraded shares of Driven Brands from a "hold" rating to a "buy" rating in a research note on Saturday, June 7th. The Goldman Sachs Group initiated coverage on Driven Brands in a research report on Tuesday, June 3rd. They set a "neutral" rating and a $20.00 price objective for the company. Benchmark initiated coverage on Driven Brands in a research note on Friday, April 4th. They set a "buy" rating and a $22.00 price target for the company. Finally, Robert W. Baird set a $25.00 price objective on shares of Driven Brands in a research note on Thursday, March 13th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.89.

Driven Brands Price Performance

Shares of NASDAQ DRVN opened at $17.66 on Friday. The firm has a market cap of $2.90 billion, a P/E ratio of -9.76, a PEG ratio of 0.99 and a beta of 1.11. Driven Brands has a twelve month low of $12.00 and a twelve month high of $18.72. The company has a quick ratio of 1.33, a current ratio of 1.47 and a debt-to-equity ratio of 4.07. The company has a 50 day moving average of $17.38 and a 200 day moving average of $16.68.

Driven Brands (NASDAQ:DRVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.04. Driven Brands had a positive return on equity of 19.61% and a negative net margin of 12.75%. The firm had revenue of $516.16 million for the quarter, compared to the consensus estimate of $492.19 million. During the same period in the prior year, the company posted $0.23 earnings per share. The company's quarterly revenue was up 7.1% on a year-over-year basis. As a group, research analysts expect that Driven Brands will post 0.85 EPS for the current fiscal year.

Institutional Trading of Driven Brands

Several institutional investors and hedge funds have recently modified their holdings of the company. Bamco Inc. NY lifted its position in shares of Driven Brands by 35.7% in the fourth quarter. Bamco Inc. NY now owns 4,750,000 shares of the company's stock valued at $76,665,000 after acquiring an additional 1,250,000 shares in the last quarter. Norwood Investment Partners LP purchased a new position in shares of Driven Brands in the first quarter worth $15,892,000. North Peak Capital Management LLC boosted its position in shares of Driven Brands by 8.6% during the fourth quarter. North Peak Capital Management LLC now owns 5,756,217 shares of the company's stock worth $92,905,000 after acquiring an additional 457,217 shares during the last quarter. Nuveen LLC purchased a new position in Driven Brands during the first quarter valued at $7,167,000. Finally, Dimensional Fund Advisors LP grew its stake in Driven Brands by 54.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,186,095 shares of the company's stock valued at $19,141,000 after acquiring an additional 416,744 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors.

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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