1,000,000 Shares in Driven Brands Holdings Inc. $DRVN Purchased by Conversant Capital LLC

Key Points

• Conversant Capital LLC bought a new stake of 1,000,000 shares in Driven Brands Holdings, worth about $12.6 million, making it the fund’s 10th-largest holding.
• Driven Brands reported better-than-expected quarterly earnings, with EPS of $0.30 versus estimates of $0.24 and revenue of $484.44 million topping forecasts, though revenue still fell 6.2% year over year.
• Analysts currently rate the stock a Moderate Buy overall, with a consensus price target of $17.18, above the recent trading price of $13.61.

Conversant Capital LLC acquired a new stake in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 1,000,000 shares of the company's stock, valued at approximately $12,610,000. Driven Brands makes up approximately 1.7% of Conversant Capital LLC's portfolio, making the stock its 10th largest holding. Conversant Capital LLC owned 0.61% of Driven Brands at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Osaic Holdings Inc. lifted its stake in Driven Brands by 82.1% in the 2nd quarter. Osaic Holdings Inc. now owns 2,087 shares of the company's stock worth $37,000 after purchasing an additional 941 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Driven Brands by 744.6% in the second quarter. EverSource Wealth Advisors LLC now owns 2,103 shares of the company's stock valued at $37,000 after purchasing an additional 1,854 shares in the last quarter. Comerica Bank increased its holdings in shares of Driven Brands by 328.8% in the fourth quarter. Comerica Bank now owns 2,933 shares of the company's stock valued at $43,000 after purchasing an additional 2,249 shares during the last quarter. Larson Financial Group LLC lifted its position in Driven Brands by 1,347.7% during the fourth quarter. Larson Financial Group LLC now owns 3,822 shares of the company's stock worth $57,000 after buying an additional 3,558 shares in the last quarter. Finally, SJS Investment Consulting Inc. lifted its position in Driven Brands by 420.2% during the first quarter. SJS Investment Consulting Inc. now owns 4,500 shares of the company's stock worth $57,000 after buying an additional 3,635 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company's stock.

Driven Brands Price Performance

DRVN stock opened at $13.61 on Friday. The business has a fifty day moving average of $13.89 and a two-hundred day moving average of $13.77. The company has a quick ratio of 1.25, a current ratio of 1.38 and a debt-to-equity ratio of 2.08. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 12.15 and a beta of 0.96. Driven Brands Holdings Inc. has a 52-week low of $9.80 and a 52-week high of $19.74.

Driven Brands (NASDAQ:DRVN - Get Free Report) last posted its earnings results on Thursday, June 11th. The company reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.06. The company had revenue of $484.44 million for the quarter, compared to the consensus estimate of $480.84 million. Driven Brands had a return on equity of 25.70% and a net margin of 9.08%.The company's revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.27 earnings per share. As a group, research analysts anticipate that Driven Brands Holdings Inc. will post 1.08 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on DRVN. Wall Street Zen upgraded Driven Brands from a "hold" rating to a "buy" rating in a report on Saturday. Royal Bank Of Canada dropped their price objective on shares of Driven Brands from $18.00 to $17.00 and set an "outperform" rating for the company in a report on Thursday, June 11th. Morgan Stanley cut their price objective on shares of Driven Brands from $17.00 to $16.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 20th. William Blair downgraded shares of Driven Brands from an "outperform" rating to a "hold" rating in a research note on Wednesday, April 22nd. Finally, Piper Sandler lifted their target price on shares of Driven Brands from $11.00 to $13.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $17.18.

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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