Driven Brands Holdings Inc. $DRVN Shares Sold by Millennium Management LLC

Key Points

• Millennium Management LLC reduced its stake in Driven Brands Holdings Inc. by 45.0%, selling nearly 1 million shares during the first quarter, and now owns approximately 0.73% of the company, valued at about $20.7 million.
• Driven Brands recently reported earnings of $0.36 per share, beating expectations, with quarterly revenue of $550.99 million, up 6.2% year-over-year.
• Several analysts have set new price targets for Driven Brands, with BTIG Research and JPMorgan Chase & Co. rating it as a "buy" and setting targets of $22.00 and $23.00 respectively.

Millennium Management LLC decreased its holdings in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) by 45.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,205,562 shares of the company's stock after selling 988,294 shares during the period. Millennium Management LLC owned about 0.73% of Driven Brands worth $20,663,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Summit Securities Group LLC purchased a new stake in Driven Brands in the first quarter worth $72,000. XTX Topco Ltd purchased a new position in shares of Driven Brands during the first quarter valued at $182,000. BNP Paribas Financial Markets purchased a new position in shares of Driven Brands during the fourth quarter valued at $205,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Driven Brands during the first quarter valued at $245,000. Finally, Yorktown Management & Research Co Inc purchased a new position in shares of Driven Brands during the first quarter valued at $255,000. Hedge funds and other institutional investors own 77.08% of the company's stock.

Driven Brands Stock Down 1.1%

DRVN stock traded down $0.18 during trading on Thursday, reaching $16.89. 1,483,710 shares of the company traded hands, compared to its average volume of 1,088,069. Driven Brands Holdings Inc. has a 12 month low of $13.47 and a 12 month high of $19.74. The business has a 50 day simple moving average of $17.57 and a 200 day simple moving average of $17.28. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of -9.94, a price-to-earnings-growth ratio of 1.03 and a beta of 1.09. The company has a debt-to-equity ratio of 2.82, a quick ratio of 1.01 and a current ratio of 1.11.

Driven Brands (NASDAQ:DRVN - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $550.99 million for the quarter, compared to the consensus estimate of $540.12 million. Driven Brands had a positive return on equity of 21.17% and a negative net margin of 12.32%.The firm's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.35 earnings per share. Driven Brands has set its FY 2025 guidance at 1.150-1.25 EPS. On average, equities research analysts anticipate that Driven Brands Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Canaccord Genuity Group restated a "buy" rating and set a $24.00 price target on shares of Driven Brands in a research note on Thursday. JPMorgan Chase & Co. upgraded Driven Brands from a "neutral" rating to an "overweight" rating and raised their price target for the company from $17.00 to $23.00 in a research note on Wednesday, August 6th. The Goldman Sachs Group assumed coverage on Driven Brands in a research note on Tuesday, June 3rd. They set a "neutral" rating and a $20.00 price target on the stock. BTIG Research restated a "buy" rating and set a $22.00 price target on shares of Driven Brands in a research note on Friday, September 12th. Finally, Wall Street Zen lowered Driven Brands from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $21.60.

Insiders Place Their Bets

In other Driven Brands news, Director Jonathan G. Fitzpatrick sold 110,000 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $18.05, for a total value of $1,985,500.00. Following the completion of the sale, the director owned 2,279,453 shares of the company's stock, valued at approximately $41,144,126.65. This trade represents a 4.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.50% of the company's stock.

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.