Driven Brands (NASDAQ:DRVN) Shares Gap Up - Here's What Happened

Driven Brands Holdings Inc. (NASDAQ:DRVN - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $17.55, but opened at $18.27. Driven Brands shares last traded at $18.09, with a volume of 119,947 shares trading hands.

Analyst Ratings Changes

Several analysts have commented on the stock. Wall Street Zen lowered shares of Driven Brands from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. lifted their price target on shares of Driven Brands from $14.50 to $17.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Canaccord Genuity Group upped their price objective on Driven Brands from $21.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, February 26th. Robert W. Baird set a $25.00 price target on Driven Brands in a research note on Thursday, March 13th. Finally, BMO Capital Markets lifted their price objective on Driven Brands from $15.00 to $16.00 and gave the company a "market perform" rating in a report on Wednesday, February 26th. Four investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.78.

Driven Brands Price Performance

The company has a 50 day moving average price of $17.00 and a 200-day moving average price of $16.61. The company has a quick ratio of 1.72, a current ratio of 1.90 and a debt-to-equity ratio of 2.84. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 452.50, a P/E/G ratio of 0.79 and a beta of 1.11.

Driven Brands (NASDAQ:DRVN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.04. The company had revenue of $516.16 million for the quarter, compared to the consensus estimate of $492.19 million. Driven Brands had a return on equity of 14.86% and a net margin of 0.27%. The firm's revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.23 earnings per share. As a group, equities research analysts predict that Driven Brands Holdings Inc. will post 0.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bamco Inc. NY increased its stake in Driven Brands by 35.7% during 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 during the period. Norwood Investment Partners LP acquired a new position in shares of Driven Brands during the 1st quarter valued at $15,892,000. North Peak Capital Management LLC grew 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 valued at $92,905,000 after buying an additional 457,217 shares during the period. Nuveen LLC bought a new position in shares of Driven Brands in the first quarter valued at approximately $7,167,000. Finally, Dimensional Fund Advisors LP increased its holdings 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 purchasing an additional 416,744 shares during the period. 77.08% of the stock is owned by institutional investors and hedge funds.

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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