Driven Brands (NASDAQ:DRVN) Stock Price Down 6% - Here's Why

Key Points

• Driven Brands shares fell 6% to about $12.54 in Monday trading, below both the 50-day ($14.01) and 200-day ($13.69) moving averages, on unusually low volume.
• Analyst views remain generally positive: the stock has a “Moderate Buy” consensus rating and a $16.77 average price target, despite several firms maintaining neutral ratings.
• The company reported quarterly earnings of $0.29 per share, while institutional investors hold 77.08% of the stock; major investors including BlackRock and Rubric Capital recently established positions.

Shares of Driven Brands Holdings Inc. (NASDAQ:DRVN - Get Free Report) were down 6% during trading on Monday . The company traded as low as $12.69 and last traded at $12.5350. Approximately 71,390 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 1,487,801 shares. The stock had previously closed at $13.33.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on DRVN shares. Morgan Stanley set a $14.00 price objective on shares of Driven Brands in a research note on Friday. Canaccord Genuity Group set a $17.00 price target on Driven Brands in a report on Friday. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $14.75 target price on shares of Driven Brands in a research report on Wednesday, May 20th. Piper Sandler boosted their target price on Driven Brands from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Wednesday, May 20th. Finally, Benchmark reiterated a "buy" rating on shares of Driven Brands in a research note on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.77.

Driven Brands Stock Down 5.5%

The business's fifty day moving average price is $14.01 and its 200 day moving average price is $13.69. The company has a market capitalization of $2.08 billion, a P/E ratio of 12.12 and a beta of 0.95. The company has a current ratio of 1.47, a quick ratio of 1.33 and a debt-to-equity ratio of 1.99.

Driven Brands (NASDAQ:DRVN - Get Free Report) last posted its earnings results on Monday, July 27th. The company reported $0.29 earnings per share for the quarter. Driven Brands had a net margin of 8.61% and a return on equity of 24.13%. As a group, equities research analysts predict that Driven Brands Holdings Inc. will post 1.08 earnings per share for the current fiscal year.

Institutional Trading of Driven Brands

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Driven Brands during the 2nd quarter worth about $67,107,000. Boston Partners grew its position in shares of Driven Brands by 1,301.0% in the 4th quarter. Boston Partners now owns 3,426,388 shares of the company's stock valued at $50,783,000 after purchasing an additional 3,181,812 shares during the period. Rubric Capital Management LP bought a new stake in Driven Brands during the 1st quarter worth approximately $37,830,000. North Peak Capital Management LLC increased its stake in Driven Brands by 37.3% during the 4th quarter. North Peak Capital Management LLC now owns 3,990,850 shares of the company's stock worth $59,144,000 after purchasing an additional 1,083,896 shares in the last quarter. Finally, Conversant Capital LLC acquired a new stake in Driven Brands during the 1st quarter worth approximately $12,610,000. 77.08% of the stock is owned by institutional investors.

About Driven Brands

Driven Brands Holdings Inc NASDAQ: DRVN is a leading North American provider of automotive aftermarket services, operating through a network of franchised and company-owned locations. The company's platform encompasses a diverse portfolio of car care and maintenance brands, including Meineke Car Care Centers, Maaco Collision Repair & Auto Painting, Take 5 Oil Change, and Carstar Collision Repair. Driven Brands delivers a full range of services from routine maintenance and oil changes to collision repair, paint protection, and vehicle customization.

Headquartered in Charlotte, North Carolina, Driven Brands serves both individual consumers and commercial clients across the United States and Canada.

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