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 lessened its position in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) by 45.0% during the first quarter, according to the company in its most recent 13F filing 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 approximately 0.73% of Driven Brands worth $20,663,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. bought a new position in Driven Brands in the 1st quarter valued at about $2,850,000. Yorktown Management & Research Co Inc bought a new position in shares of Driven Brands during the 1st quarter valued at about $255,000. Informed Momentum Co LLC bought a new position in shares of Driven Brands during the 1st quarter valued at about $3,444,000. Northern Trust Corp boosted its position in shares of Driven Brands by 5.4% during the 1st quarter. Northern Trust Corp now owns 609,645 shares of the company's stock valued at $10,449,000 after purchasing an additional 31,430 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Driven Brands by 11.7% during the 1st quarter. Russell Investments Group Ltd. now owns 191,435 shares of the company's stock valued at $3,281,000 after purchasing an additional 20,044 shares in the last quarter. Institutional investors own 77.08% of the company's stock.

Driven Brands Stock Down 1.6%

Shares of NASDAQ DRVN opened at $18.28 on Friday. The stock has a market cap of $3.00 billion, a PE ratio of -10.75, a PEG ratio of 1.12 and a beta of 1.09. The business has a fifty day moving average of $17.60 and a two-hundred day moving average of $17.27. Driven Brands Holdings Inc. has a 52-week low of $13.47 and a 52-week high of $19.74. 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 (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.02. The company had revenue of $550.99 million during the quarter, compared to analysts' expectations of $540.12 million. Driven Brands had a positive return on equity of 21.17% and a negative net margin of 12.32%.The business's revenue was up 6.2% on a year-over-year basis. During the same period last year, the business earned $0.35 earnings per share. Driven Brands has set its FY 2025 guidance at 1.150-1.25 EPS. As a group, equities research analysts expect that Driven Brands Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

Analysts Set New Price Targets

DRVN has been the subject of several research reports. BTIG Research restated a "buy" rating and set a $22.00 price objective on shares of Driven Brands in a research report on Friday. 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 for the company. JPMorgan Chase & Co. raised shares of Driven Brands from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $17.00 to $23.00 in a research report on Wednesday, August 6th. Wall Street Zen lowered shares of Driven Brands from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Canaccord Genuity Group increased their price target on Driven Brands from $23.00 to $24.00 and gave the company a "buy" rating in a report on Friday, June 27th. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $21.60.

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.

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