Driven Brands (NASDAQ:DRVN) Stock Rating Lowered by Wall Street Zen

Key Points

• Driven Brands has been downgraded by Wall Street Zen from a "buy" rating to a "hold" rating.
• Canaccord Genuity raised their target price for Driven Brands from $23 to $24, maintaining a "buy" rating, while JPMorgan Chase upgraded their rating to "overweight" with a target price of $23.
• Driven Brands reported a quarterly EPS of $0.36, beating estimates, with a revenue increase of 6.2% year-over-year, totaling $550.99 million.

Driven Brands (NASDAQ:DRVN - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

DRVN has been the topic of a number of other reports. Canaccord Genuity Group raised 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. The Goldman Sachs Group initiated coverage on shares of Driven Brands in a research note on Tuesday, June 3rd. They issued a "neutral" rating and a $20.00 target price on the stock. BTIG Research initiated coverage on shares of Driven Brands in a research note on Monday, June 30th. They issued a "buy" rating and a $22.00 target price on the stock. Finally, JPMorgan Chase & Co. raised shares of Driven Brands from a "neutral" rating to an "overweight" rating and raised their target price for the company from $17.00 to $23.00 in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Driven Brands currently has an average rating of "Moderate Buy" and a consensus price target of $21.60.

Driven Brands Price Performance

DRVN stock opened at $16.58 on Friday. The firm has a 50 day moving average of $17.38 and a 200-day moving average of $16.95. 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 has a 12 month low of $12.92 and a 12 month high of $18.72. The firm has a market capitalization of $2.72 billion, a P/E ratio of -9.75, a price-to-earnings-growth ratio of 0.95 and a beta of 1.08.

Driven Brands (NASDAQ:DRVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $550.99 million during the quarter, compared to analyst estimates of $540.12 million. During the same period last year, the business earned $0.35 earnings per share. Driven Brands's revenue was up 6.2% compared to the same quarter last year. As a group, sell-side analysts predict that Driven Brands will post 0.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Summit Securities Group LLC purchased a new position in shares of Driven Brands in the first quarter worth $72,000. LPL Financial LLC purchased a new position in shares of Driven Brands in the fourth quarter worth $178,000. XTX Topco Ltd purchased a new position in shares of Driven Brands in the first quarter worth $182,000. AlphaQuest LLC increased its stake in shares of Driven Brands by 64.1% in the second quarter. AlphaQuest LLC now owns 11,246 shares of the company's stock worth $197,000 after buying an additional 4,394 shares during the period. Finally, BNP Paribas Financial Markets purchased a new position in shares of Driven Brands in the fourth quarter worth $205,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.