Driven Brands (NASDAQ:DRVN) Shares Cross Above Fifty Day Moving Average - Here's What Happened

Key Points

• Driven Brands shares rose 3.1% and moved above their 50-day moving average of $12.10, trading as high as $12.29 and last at $12.26.
• Analyst views are mixed: MarketBeat reports an overall “Hold” rating and an average price target of $15.48, with two Strong Buy, four Buy, eight Hold, and three Sell ratings.
• Several institutional investors increased their holdings, and institutional investors and hedge funds own 77.08% of the stock.

Driven Brands Holdings Inc. (NASDAQ:DRVN - Get Free Report)'s stock price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $12.10 and traded as high as $12.29. Driven Brands shares last traded at $12.26, with a volume of 777,856 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on DRVN. Weiss Ratings lowered shares of Driven Brands from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, September 28th. UBS Group reiterated a "buy" rating on shares of Driven Brands in a report on Thursday, September 10th. Royal Bank Of Canada cut their price objective on shares of Driven Brands from $17.00 to $16.00 and set an "outperform" rating for the company in a report on Friday, August 7th. Morgan Stanley set a $14.00 target price on shares of Driven Brands in a research note on Friday, August 7th. Finally, Barclays cut Driven Brands from an "equal weight" rating to an "underweight" rating and lowered their target price for the stock from $14.00 to $11.00 in a report on Wednesday, November 4th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Driven Brands currently has an average rating of "Hold" and an average price target of $15.48.

Driven Brands Stock Up 3.1%

The company has a debt-to-equity ratio of 1.99, a quick ratio of 1.33 and a current ratio of 1.47. The business has a 50 day simple moving average of $12.10 and a 200-day simple moving average of $13.20. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 11.79, a P/E/G ratio of 2.59 and a beta of 0.91.

Institutional Investors Weigh In On Driven Brands

Several hedge funds and other institutional investors have recently bought and sold shares of DRVN. Private Management Group Inc. increased its holdings in shares of Driven Brands by 26.3% during the 3rd quarter. Private Management Group Inc. now owns 1,276,171 shares of the company's stock worth $15,072,000 after buying an additional 265,577 shares during the last quarter. Bfsg LLC raised its position in shares of Driven Brands by 22.2% during the 3rd quarter. Bfsg LLC now owns 10,094 shares of the company's stock valued at $119,000 after buying an additional 1,835 shares during the period. ZWJ Investment Counsel Inc. raised its position in shares of Driven Brands by 5.1% during the 3rd quarter. ZWJ Investment Counsel Inc. now owns 33,512 shares of the company's stock valued at $396,000 after buying an additional 1,616 shares during the period. Engineers Gate Manager LP acquired a new position in Driven Brands in the second quarter valued at approximately $310,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Driven Brands by 13.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 143,213 shares of the company's stock valued at $1,996,000 after acquiring an additional 16,903 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

About Driven Brands

Driven Brands Holdings Inc is an automotive aftermarket services company headquartered in Charlotte, North Carolina. It operates and franchises service centers under brands including Take 5 Oil Change, Meineke Car Care Centers, Maaco, CARSTAR and Auto Glass Now.

The company provides a range of vehicle services, including oil changes and preventive maintenance, mechanical repairs, collision repair and refinishing, and auto glass replacement. Through 1-800-Radiator & A/C, it also distributes heating and cooling parts to repair shops and other customers.

Driven Brands serves customers primarily in the United States and Canada, with locations in additional markets.

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