Driven Brands (NASDAQ:DRVN) Raised to "Overweight" at JPMorgan Chase & Co.

Key Points

• Driven Brands has been upgraded by JPMorgan Chase & Co. from a "neutral" to an "overweight" rating, with a target price of $23.00, indicating a potential upside of 32.72% from its current price.
• Other analysts have given Driven Brands mixed ratings, with Canaccord Genuity setting a buy rating and a target price of $24.00, while Goldman Sachs has maintained a neutral rating with a $20.00 target price.
• The company reported earnings per share of $0.27 for the last quarter, exceeding consensus estimates, and its revenue increased by 7.1% year-over-year to $516.16 million.

JPMorgan Chase & Co. upgraded shares of Driven Brands (NASDAQ:DRVN - Free Report) from a neutral rating to an overweight rating in a research note issued to investors on Wednesday, MarketBeat reports. They currently have $23.00 price target on the stock, up from their prior price target of $17.00.

Several other research analysts have also recently issued reports on the company. The Goldman Sachs Group began coverage on Driven Brands in a report on Tuesday, June 3rd. They issued a "neutral" rating and a $20.00 price target on the stock. BTIG Research began coverage on shares of Driven Brands in a report on Monday, June 30th. They set a "buy" rating and a $22.00 price target on the stock. Canaccord Genuity Group lifted their target price on shares of Driven Brands from $23.00 to $24.00 and gave the company a "buy" rating in a research note on Friday, June 27th. Finally, Wall Street Zen raised Driven Brands from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $21.60.

Driven Brands Stock Performance

NASDAQ:DRVN traded down $0.04 during mid-day trading on Wednesday, hitting $16.58. The stock had a trading volume of 864,560 shares, compared to its average volume of 752,216. The company has a 50 day simple moving average of $17.38 and a 200-day simple moving average of $16.95. Driven Brands has a 52 week low of $12.92 and a 52 week high of $18.72. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of -9.75, a P/E/G ratio of 0.95 and a beta of 1.08. The company has a current ratio of 1.47, a quick ratio of 1.33 and a debt-to-equity ratio of 4.07.

Driven Brands (NASDAQ:DRVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.36 earnings per share for the quarter, topping 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 21.21%. The business had revenue of $550.99 million during the quarter, compared to the consensus estimate of $540.12 million. During the same quarter in the prior year, the company posted $0.35 earnings per share. The company's quarterly revenue was up 6.2% compared to the same quarter last year. On average, research analysts expect that Driven Brands will post 0.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Driven Brands

A number of large investors have recently bought and sold shares of DRVN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of 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 valued at $550,000 after acquiring an additional 1,079 shares during the period. Creative Planning grew its position in Driven Brands by 4.4% during the second quarter. Creative Planning now owns 34,247 shares of the company's stock worth $601,000 after buying an additional 1,444 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Driven Brands by 12.0% during 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 purchasing an additional 1,500 shares in the last quarter. MetLife Investment Management LLC increased its holdings in Driven Brands by 5.7% in the 4th quarter. MetLife Investment Management LLC now owns 37,161 shares of the company's stock valued at $600,000 after buying an additional 2,003 shares during the period. Finally, Vident Advisory LLC raised its position in Driven Brands by 14.6% during the first quarter. Vident Advisory LLC now owns 19,146 shares of the company's stock valued at $328,000 after purchasing an additional 2,435 shares in the last quarter. 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.