Driven Brands (NASDAQ:DRVN) Stock Rating Upgraded by 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 published on Wednesday morning, MarketBeat reports. The brokerage currently has $23.00 price target on the stock, up from their prior price target of $17.00.

DRVN has been the subject of a number of other reports. The Goldman Sachs Group began coverage on shares of Driven Brands in a report on Tuesday, June 3rd. They issued a "neutral" rating and a $20.00 price target for the company. Wall Street Zen raised Driven Brands from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Canaccord Genuity Group raised their price objective on Driven Brands from $23.00 to $24.00 and gave the company a "buy" rating in a research note on Friday, June 27th. Finally, BTIG Research assumed coverage on Driven Brands in a report on Monday, June 30th. They set a "buy" rating and a $22.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $21.60.

Driven Brands Trading Down 0.5%

Driven Brands stock traded down $0.09 during trading hours on Wednesday, reaching $16.53. 51,792 shares of the company's stock were exchanged, compared to its average volume of 693,336. The firm has a market capitalization of $2.72 billion, a PE ratio of -9.73, a PEG ratio of 0.99 and a beta of 1.08. 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 firm's 50 day simple moving average is $17.40 and its 200 day simple moving average is $16.95. Driven Brands has a twelve month low of $12.92 and a twelve month high of $18.72.

Driven Brands (NASDAQ:DRVN - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.34 by $0.02. Driven Brands had a positive return on equity of 21.21% and a negative net margin of 12.32%. The business had revenue of $550.99 million during the quarter, compared to analysts' expectations of $540.12 million. During the same quarter last year, the firm posted $0.35 earnings per share. The firm's revenue was up 6.2% on a year-over-year basis. Research analysts predict that Driven Brands will post 0.85 earnings per share for the current year.

Institutional Trading of Driven Brands

Institutional investors and hedge funds have recently modified their holdings of the business. Boston Partners grew its stake in Driven Brands by 3.2% in the 2nd quarter. Boston Partners now owns 145,368 shares of the company's stock valued at $2,553,000 after purchasing an additional 4,506 shares during the period. Montag A & Associates Inc. boosted its holdings in shares of Driven Brands by 16.0% in the 2nd quarter. Montag A & Associates Inc. now owns 76,509 shares of the company's stock worth $1,343,000 after buying an additional 10,546 shares during the last quarter. Hussman Strategic Advisors Inc. bought a new position in Driven Brands during the second quarter valued at about $1,106,000. Bank of Montreal Can increased its holdings in Driven Brands by 335.0% during the second quarter. Bank of Montreal Can now owns 130,075 shares of the company's stock worth $2,284,000 after buying an additional 100,176 shares during the last quarter. Finally, Covey Capital Advisors LLC raised its position in Driven Brands by 95.2% in the second quarter. Covey Capital Advisors LLC now owns 73,645 shares of the company's stock worth $1,293,000 after acquiring an additional 35,915 shares during the period. 77.08% of the stock is owned by hedge funds and other 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.