Covey Capital Advisors LLC Purchases Shares of 37,730 Driven Brands Holdings Inc. (NASDAQ:DRVN)

Covey Capital Advisors LLC purchased a new stake in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 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 largest position.

A number of other hedge funds have also added to or reduced their stakes in DRVN. Principal Financial Group Inc. purchased a new position in shares of Driven Brands in the 1st quarter worth approximately $2,850,000. Yorktown Management & Research Co Inc purchased a new position in shares of Driven Brands in the 1st quarter worth approximately $255,000. Handelsbanken Fonder AB boosted its stake in shares of Driven Brands by 23.9% in the 1st quarter. Handelsbanken Fonder AB now owns 30,100 shares of the company's stock worth $516,000 after buying an additional 5,800 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Driven Brands by 25.3% in the 1st quarter. SG Americas Securities LLC now owns 17,194 shares of the company's stock worth $295,000 after buying an additional 3,474 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Driven Brands by 5.2% in the 1st quarter. Rhumbline Advisers now owns 86,478 shares of the company's stock worth $1,482,000 after purchasing an additional 4,243 shares during the period. Institutional investors and hedge funds own 77.08% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on DRVN. Robert W. Baird set a $25.00 price target on shares of Driven Brands in a report on Thursday, March 13th. BTIG Research began coverage on shares of Driven Brands in a report on Monday, June 30th. They issued a "buy" rating and a $22.00 price target on the stock. Benchmark began coverage on shares of Driven Brands in a report on Friday, April 4th. They issued a "buy" rating and a $22.00 price target on the stock. Wall Street Zen raised shares of Driven Brands from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Finally, The Goldman Sachs Group began coverage on shares of Driven Brands in a report on Tuesday, June 3rd. They issued a "neutral" rating and a $20.00 price target on the stock. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $21.00.

Driven Brands Trading Up 4.8%

Driven Brands stock opened at $18.15 on Friday. The stock has a market cap of $2.98 billion, a P/E ratio of -10.03, a PEG ratio of 0.99 and a beta of 1.09. Driven Brands Holdings Inc. has a fifty-two week low of $12.66 and a fifty-two week high of $18.72. The firm's fifty day moving average price is $17.68 and its 200-day moving average price is $16.76. The company has a debt-to-equity ratio of 4.07, a quick ratio of 1.33 and a current ratio of 1.47.

Driven Brands (NASDAQ:DRVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.27 earnings per share for the quarter, topping 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 firm had revenue of $516.16 million for the quarter, compared to analysts' expectations of $492.19 million. During the same quarter in the prior year, the firm posted $0.23 earnings per share. The business's quarterly revenue was up 7.1% on a year-over-year basis. Equities research analysts forecast 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.

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