Blueshift Asset Management LLC Takes Position in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Key Points

• Blueshift Asset Management LLC has acquired a new stake in Driven Brands Holdings Inc., purchasing 67,230 shares valued at approximately $1.15 million.
• Driven Brands reported a EPS of $0.27 for the last quarter, surpassing analyst expectations, with a revenue of $516.16 million—up 7.1% year-over-year.
• The stock has garnered positive analyst ratings, with a consensus rating of "Moderate Buy" and a target price of $21.00 among research analysts.

Blueshift Asset Management LLC bought a new position in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 67,230 shares of the company's stock, valued at approximately $1,152,000.

Several other hedge funds also recently made changes to their positions in the company. XTX Topco Ltd acquired a new stake in shares of Driven Brands in the first quarter valued at about $182,000. Mackenzie Financial Corp grew its holdings in shares of Driven Brands by 69.2% in the 1st quarter. Mackenzie Financial Corp now owns 75,194 shares of the company's stock worth $1,289,000 after acquiring an additional 30,741 shares during the period. Neo Ivy Capital Management purchased a new position in Driven Brands in the 1st quarter valued at approximately $1,141,000. Norwood Investment Partners LP acquired a new position in Driven Brands during the first quarter worth $15,892,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Driven Brands during the first quarter worth $245,000. Institutional investors and hedge funds own 77.08% of the company's stock.

Driven Brands Trading Down 1.1%

Shares of NASDAQ DRVN traded down $0.19 during midday trading on Friday, reaching $16.71. 976,944 shares of the stock were exchanged, compared to its average volume of 601,370. The company has a market capitalization of $2.74 billion, a P/E ratio of -9.23, a P/E/G ratio of 0.96 and a beta of 1.08. Driven Brands Holdings Inc. has a 52-week low of $12.73 and a 52-week high of $18.72. The company has a current ratio of 1.47, a quick ratio of 1.33 and a debt-to-equity ratio of 4.07. The stock has a 50 day moving average price of $17.44 and a 200-day moving average price of $16.92.

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on DRVN. Wall Street Zen raised Driven Brands from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Canaccord Genuity Group lifted their target price on shares of Driven Brands from $23.00 to $24.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. The Goldman Sachs Group assumed coverage on shares of Driven Brands in a research report on Tuesday, June 3rd. They issued a "neutral" rating and a $20.00 price target on the stock. Finally, BTIG Research began coverage on shares of Driven Brands in a research note on Monday, June 30th. They set a "buy" rating and a $22.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $21.00.

Driven Brands Company 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.