66,542 Shares in Driven Brands Holdings Inc. (NASDAQ:DRVN) Bought by Neo Ivy Capital Management

Key Points

• Neo Ivy Capital Management acquired 66,542 shares of Driven Brands Holdings Inc. for approximately $1,141,000 in the first quarter, indicating growing institutional interest in the company.
• Driven Brands reported a quarterly EPS of $0.27, surpassing analysts' expectations of $0.23, and achieved revenue of $516.16 million, reflecting a 7.1% increase year-over-year.
• The stock has received a consensus rating of "Moderate Buy" from analysts, with a price target averaging around $21.00, and some firms have set targets as high as $24.00.

Neo Ivy Capital Management acquired a new stake in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 66,542 shares of the company's stock, valued at approximately $1,141,000.

Several other hedge funds also recently added to or reduced their stakes in DRVN. Bamco Inc. NY raised its stake in shares of Driven Brands by 35.7% in the 4th 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 purchased a new stake in Driven Brands in the first quarter valued at approximately $15,892,000. North Peak Capital Management LLC raised its position in Driven Brands by 8.6% in 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 purchasing an additional 457,217 shares during the period. Dimensional Fund Advisors LP lifted its stake in Driven Brands by 54.2% during 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 in the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in shares of Driven Brands in the 1st quarter valued at $2,850,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. BTIG Research began coverage on Driven Brands in a research note on Monday, June 30th. They set a "buy" rating and a $22.00 target price on the stock. Canaccord Genuity Group raised their price objective 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 began coverage on shares of Driven Brands in a research note on Tuesday, June 3rd. They set a "neutral" rating and a $20.00 target price on the stock. Benchmark began coverage on shares of Driven Brands in a report on Friday, April 4th. They set a "buy" rating and a $22.00 target price on the stock. Finally, Wall Street Zen upgraded shares of Driven Brands from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $21.00.

Driven Brands Stock Up 0.3%

Shares of DRVN stock traded up $0.05 on Wednesday, reaching $16.93. 70,355 shares of the stock were exchanged, compared to its average volume of 668,283. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of -9.35, a PEG ratio of 0.98 and a beta of 1.09. The business's 50 day moving average price is $17.49 and its 200 day moving average price is $16.89. 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 Holdings Inc. has a twelve month low of $12.73 and a twelve month high of $18.72.

Driven Brands (NASDAQ:DRVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.04. Driven Brands had a positive return on equity of 19.61% and a negative net margin of 12.75%. The business had revenue of $516.16 million during the quarter, compared to analysts' expectations of $492.19 million. During the same period in the prior year, the firm posted $0.23 EPS. The business's quarterly revenue was up 7.1% compared to the same quarter last year. As a group, sell-side analysts expect that Driven Brands Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

Driven Brands 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.