Driven Brands (NASDAQ:DRVN) Shares Down 6.1% - Here's What Happened

Key Points

• Driven Brands shares fell 6.1% to approximately $11.40 in Wednesday trading, with volume about 56% below the stock’s average daily level.
• Analyst sentiment is mixed but averages to a “Hold” rating; MarketBeat reports a consensus price target of $16.23, while recent targets range from $12 to $14.
• Institutional investors and hedge funds own 77.08% of the company. Driven Brands reported quarterly EPS of $0.29 and analysts forecast full-year EPS of $1.13.

Driven Brands Holdings Inc. (NASDAQ:DRVN - Get Free Report) fell 6.1% during trading on Wednesday. The company traded as low as $11.44 and last traded at $11.3950. Approximately 607,209 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 1,375,006 shares. The stock had previously closed at $12.14.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Bank of America assumed coverage on Driven Brands in a research note on Thursday, September 10th. They issued an "underperform" rating and a $12.00 price target for the company. Barclays assumed coverage on shares of Driven Brands in a research note on Tuesday, September 22nd. They set an "equal weight" rating and a $14.00 price objective on the stock. UBS Group reissued a "buy" rating on shares of Driven Brands in a report on Thursday, September 10th. Weiss Ratings cut shares of Driven Brands from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, September 28th. Finally, Morgan Stanley set a $14.00 price target on shares of Driven Brands in a report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Driven Brands has an average rating of "Hold" and a consensus target price of $16.23.

Driven Brands Stock Performance

The company has a debt-to-equity ratio of 1.99, a current ratio of 1.47 and a quick ratio of 1.33. The stock has a 50-day simple moving average of $12.39 and a 200-day simple moving average of $13.16. The stock has a market cap of $1.88 billion, a P/E ratio of 10.96, a PEG ratio of 2.01 and a beta of 0.96.

Driven Brands (NASDAQ:DRVN - Get Free Report) last posted its earnings results on Monday, July 27th. The company reported $0.29 EPS for the quarter. Driven Brands had a net margin of 8.61% and a return on equity of 24.13%. Research analysts forecast that Driven Brands Holdings Inc. will post 1.13 earnings per share for the current year.

Institutional Trading of Driven Brands

A number of hedge funds have recently added to or reduced their stakes in the stock. SJS Investment Consulting Inc. grew its holdings in shares of Driven Brands by 420.2% during the first quarter. SJS Investment Consulting Inc. now owns 4,500 shares of the company's stock worth $57,000 after purchasing an additional 3,635 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in Driven Brands by 3,373.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,975 shares of the company's stock valued at $163,000 after buying an additional 10,659 shares during the last quarter. Pictet Asset Management Holding SA bought a new position in Driven Brands in the 1st quarter valued at approximately $159,000. Vise Technologies Inc. acquired a new stake in Driven Brands during the 2nd quarter worth approximately $248,000. Finally, Engineers Gate Manager LP acquired a new stake in Driven Brands during the 2nd quarter worth approximately $310,000. Institutional investors and hedge funds own 77.08% of the company's stock.

Driven Brands Company Profile

Driven Brands Holdings Inc is an automotive services company that provides vehicle maintenance, repair, collision services and related products through a portfolio of franchised and company-operated brands. Its businesses serve both individual vehicle owners and commercial customers across a range of automotive aftermarket needs.

The company's brands include Take 5 Oil Change, Meineke Car Care Centers, Maaco, 1-800-Radiator & A/C and Auto Glass Now. These brands provide services such as oil changes, routine maintenance, mechanical repair, paint and collision repair, replacement parts distribution and windshield repair and replacement.

Driven Brands was founded in 1972 and is headquartered in Charlotte, North Carolina.

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