625,500 Shares in Driven Brands Holdings Inc. $DRVN Purchased by Rangeley Capital LLC

Key Points

• Rangeley Capital LLC purchased 625,500 Driven Brands shares worth approximately $7.9 million, making DRVN its largest holding at 7.2% of the portfolio and representing about 0.38% of the company.
• Driven Brands exceeded quarterly expectations, reporting $0.30 EPS versus the $0.24 consensus and $484.4 million in revenue, although revenue declined 6.2% year over year.
• Analysts give DRVN a consensus “Moderate Buy” rating with an average price target of $17.18, compared with the stock’s recent price of $13.61; institutional investors own 77.08% of outstanding shares.

Rangeley Capital LLC bought a new position in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 625,500 shares of the company's stock, valued at approximately $7,888,000. Driven Brands makes up about 7.2% of Rangeley Capital LLC's holdings, making the stock its largest position. Rangeley Capital LLC owned about 0.38% of Driven Brands as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. North Peak Capital Management LLC lifted 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 valued at $59,144,000 after acquiring an additional 1,083,896 shares during the period. SG Americas Securities LLC boosted its stake in shares of Driven Brands by 513.0% during the 4th quarter. SG Americas Securities LLC now owns 116,957 shares of the company's stock worth $1,733,000 after acquiring an additional 97,879 shares during the last quarter. Conversant Capital LLC bought a new position in Driven Brands in the 1st quarter worth $12,610,000. Pullen Investment Management LLC bought a new position in Driven Brands in the 4th quarter worth $1,199,000. Finally, Vanguard Group Inc. lifted its position in Driven Brands by 5.2% during the fourth quarter. Vanguard Group Inc. now owns 5,851,225 shares of the company's stock valued at $86,715,000 after purchasing an additional 288,759 shares in the last quarter. 77.08% of the stock is owned by institutional investors.

Driven Brands Stock Performance

NASDAQ:DRVN opened at $13.61 on Monday. The company has a current ratio of 1.38, a quick ratio of 1.25 and a debt-to-equity ratio of 2.08. Driven Brands Holdings Inc. has a 12-month low of $9.80 and a 12-month high of $19.74. The stock has a 50-day moving average price of $13.89 and a 200 day moving average price of $13.76. The stock has a market capitalization of $2.25 billion, a P/E ratio of 12.15 and a beta of 0.96.

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

Analyst Ratings Changes

DRVN has been the subject of several recent research reports. Benchmark reissued a "buy" rating on shares of Driven Brands in a report on Tuesday, May 26th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $14.75 price objective on shares of Driven Brands in a research note on Wednesday, May 20th. Piper Sandler lifted their price objective on Driven Brands from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Wednesday, May 20th. Morgan Stanley cut their price objective on Driven Brands from $17.00 to $16.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 20th. Finally, BMO Capital Markets decreased their target price on shares of Driven Brands from $18.00 to $14.00 and set a "market perform" rating on the stock in a research note on Thursday, May 21st. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $17.18.

Driven Brands Company Profile

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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