Driven Brands (NASDAQ:DRVN) Given New $24.00 Price Target at Canaccord Genuity Group

Driven Brands (NASDAQ:DRVN - Free Report) had its target price raised by Canaccord Genuity Group from $23.00 to $24.00 in a research report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms also recently commented on DRVN. Robert W. Baird set a $25.00 target price on Driven Brands in a research report on Thursday, March 13th. Wall Street Zen upgraded shares of Driven Brands from a "hold" rating to a "buy" rating in a research report on Saturday, June 7th. Benchmark started coverage on shares of Driven Brands in a report on Friday, April 4th. They set a "buy" rating and a $22.00 target price for the company. Finally, 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 price target on the stock. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $21.00.

Driven Brands Price Performance

Shares of NASDAQ DRVN traded up $0.11 during trading on Friday, hitting $17.56. 559,634 shares of the company were exchanged, compared to its average volume of 694,792. The company has a debt-to-equity ratio of 4.07, a current ratio of 1.47 and a quick ratio of 1.33. Driven Brands has a 1 year low of $12.34 and a 1 year high of $18.72. The company has a market cap of $2.88 billion, a price-to-earnings ratio of -9.70, a PEG ratio of 1.00 and a beta of 1.11. The firm's fifty day moving average price is $17.40 and its 200 day moving average price is $16.68.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. North Peak Capital Management LLC lifted its position in 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 buying an additional 457,217 shares during the period. Vanguard Group Inc. increased its stake in shares of Driven Brands by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 5,708,430 shares of the company's stock valued at $92,134,000 after acquiring an additional 31,431 shares during the last quarter. Bamco Inc. NY lifted its holdings in shares of Driven Brands by 35.7% during the 4th quarter. Bamco Inc. NY now owns 4,750,000 shares of the company's stock worth $76,665,000 after acquiring an additional 1,250,000 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Driven Brands by 54.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,186,095 shares of the company's stock worth $19,141,000 after acquiring an additional 416,744 shares during the last quarter. Finally, Norwood Investment Partners LP purchased a new stake in Driven Brands in the first quarter valued at approximately $15,892,000. Hedge funds and other institutional investors own 77.08% of the company's stock.

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.