Blueshift Asset Management LLC Acquires Shares of 67,230 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 purchased a new position in shares of 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. The firm purchased 67,230 shares of the company's stock, valued at approximately $1,152,000.

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

Driven Brands Price Performance

Shares of NASDAQ:DRVN traded up $0.33 during trading on Tuesday, hitting $17.32. 1,267,117 shares of the company's stock were exchanged, compared to its average volume of 683,484. The company has a market cap of $2.85 billion, a price-to-earnings ratio of -9.58, a PEG ratio of 0.96 and a beta of 1.08. The business's 50-day simple moving average is $17.44 and its 200 day simple moving average is $16.93. The company has a debt-to-equity ratio of 4.07, a current ratio of 1.47 and a quick ratio of 1.33. Driven Brands Holdings Inc. has a 52-week low of $12.91 and a 52-week high of $18.72.

Driven Brands (NASDAQ:DRVN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.02. Driven Brands had a positive return on equity of 19.61% and a negative net margin of 12.75%. The business had revenue of $550.99 million during the quarter, compared to analyst estimates of $540.12 million. During the same period in the previous year, the company posted $0.35 EPS. Driven Brands's revenue was up 6.2% on a year-over-year basis. As a group, equities analysts predict that Driven Brands Holdings Inc. will post 0.85 EPS for the current year.

Analysts Set New Price Targets

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

About Driven Brands

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.