BlackRock Inc. Invests $67.11 Million in Driven Brands Holdings Inc. $DRVN

Key Points

• BlackRock purchased 4.81 million Driven Brands shares during the second quarter, worth approximately $67.1 million, giving it a 2.92% stake. Institutional investors and hedge funds collectively own 77.08% of the company.
• Driven Brands reported quarterly EPS of $0.29, with a 24.13% return on equity and an 8.61% net margin. Analysts expect full-year EPS of $1.12.
• Shares opened at $12.47, below the 50-day and 200-day moving averages, while analysts maintain a “Moderate Buy” consensus with an average price target of $16.77.

BlackRock Inc. purchased a new stake in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,813,956 shares of the company's stock, valued at approximately $67,107,000. BlackRock Inc. owned 2.92% of Driven Brands as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Driven Brands by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,597 shares of the company's stock worth $610,000 after acquiring an additional 1,493 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Driven Brands by 22.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 139,321 shares of the company's stock worth $2,388,000 after buying an additional 25,806 shares during the period. New York State Common Retirement Fund lifted its holdings in Driven Brands by 10.0% in the 2nd quarter. New York State Common Retirement Fund now owns 16,511 shares of the company's stock worth $290,000 after buying an additional 1,500 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Driven Brands by 95.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 255,156 shares of the company's stock valued at $4,481,000 after buying an additional 124,556 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Driven Brands by 744.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,103 shares of the company's stock valued at $37,000 after buying an additional 1,854 shares during the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Driven Brands Price Performance

Shares of NASDAQ:DRVN opened at $12.47 on Monday. The company's fifty day moving average is $13.91 and its two-hundred day moving average is $13.35. The company has a debt-to-equity ratio of 1.99, a quick ratio of 1.33 and a current ratio of 1.47. Driven Brands Holdings Inc. has a 1-year low of $9.80 and a 1-year high of $19.74. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of 11.99 and a beta of 0.95.

Driven Brands (NASDAQ:DRVN - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported $0.29 earnings per share (EPS) for the quarter. Driven Brands had a return on equity of 24.13% and a net margin of 8.61%. Equities analysts anticipate that Driven Brands Holdings Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DRVN. Piper Sandler upped their target price on Driven Brands from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Wednesday, May 20th. The Goldman Sachs Group reissued a "neutral" rating and set a $14.75 price objective on shares of Driven Brands in a report on Wednesday, May 20th. Royal Bank Of Canada cut their target price on shares of Driven Brands from $17.00 to $16.00 and set an "outperform" rating on the stock in a research note on Friday, August 7th. Morgan Stanley set a $14.00 price target on shares of Driven Brands in a research report on Friday, August 7th. Finally, BMO Capital Markets lowered their price objective on Driven Brands from $18.00 to $14.00 and set a "market perform" rating for the company in a report on Thursday, May 21st. Two equities 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $16.77.

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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