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Covey Capital Advisors LLC Takes Position in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Driven Brands logo with Retail/Wholesale background

Covey Capital Advisors LLC acquired a new position in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 37,730 shares of the company's stock, valued at approximately $647,000. Driven Brands comprises 0.7% of Covey Capital Advisors LLC's investment portfolio, making the stock its 27th biggest holding.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Yorktown Management & Research Co Inc acquired a new stake in shares of Driven Brands during the 1st quarter valued at approximately $255,000. Arrowstreet Capital Limited Partnership increased its position in Driven Brands by 687.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 114,327 shares of the company's stock worth $1,845,000 after buying an additional 99,811 shares during the period. Proficio Capital Partners LLC acquired a new stake in Driven Brands in the fourth quarter worth $375,000. Bank of New York Mellon Corp increased its position in Driven Brands by 44.4% in the fourth quarter. Bank of New York Mellon Corp now owns 254,542 shares of the company's stock worth $4,108,000 after buying an additional 78,252 shares during the period. Finally, Norges Bank acquired a new stake in Driven Brands in the fourth quarter worth $1,742,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Driven Brands Price Performance

Shares of NASDAQ:DRVN traded up $0.10 during trading hours on Monday, hitting $17.73. 593,518 shares of the company's stock traded hands, compared to its average volume of 682,585. Driven Brands Holdings Inc. has a 52 week low of $12.66 and a 52 week high of $18.72. The company has a debt-to-equity ratio of 4.07, a quick ratio of 1.33 and a current ratio of 1.47. The company's fifty day simple moving average is $17.69 and its two-hundred day simple moving average is $16.78. The company has a market cap of $2.91 billion, a price-to-earnings ratio of -9.80, a price-to-earnings-growth ratio of 1.01 and a beta of 1.09.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Canaccord Genuity Group increased their target price on Driven Brands from $23.00 to $24.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. Wall Street Zen raised Driven Brands from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. BTIG Research started coverage on Driven Brands in a report on Monday, June 30th. They set a "buy" rating and a $22.00 price target on the stock. Benchmark started coverage on Driven Brands in a report on Friday, April 4th. They set a "buy" rating and a $22.00 price target on the stock. Finally, The Goldman Sachs Group started coverage on Driven Brands in a report on Tuesday, June 3rd. They set a "neutral" rating and a $20.00 price target on the stock. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $21.00.

Check Out Our Latest Analysis on DRVN

About Driven Brands

(Free Report)

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.

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Institutional Ownership by Quarter for Driven Brands (NASDAQ:DRVN)

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