Canaccord Genuity Group Forecasts Strong Price Appreciation for Driven Brands (NASDAQ:DRVN) Stock

Driven Brands (NASDAQ:DRVN) had its price objective lifted by Canaccord Genuity Group from $20.00 to $21.00 in a research note released on Friday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other brokerages have also recently weighed in on DRVN. Baird R W upgraded shares of Driven Brands to a “strong-buy” rating in a report on Friday, August 2nd. Benchmark reiterated a “buy” rating and set a $20.00 price target on shares of Driven Brands in a report on Tuesday, August 20th. BMO Capital Markets initiated coverage on shares of Driven Brands in a report on Monday, July 22nd. They set a “market perform” rating and a $14.00 price target for the company. Robert W. Baird boosted their price target on shares of Driven Brands from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada boosted their price target on shares of Driven Brands from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.45.

Driven Brands Stock Down 0.7 %

Shares of DRVN stock traded down $0.10 during trading on Friday, reaching $14.75. The company’s stock had a trading volume of 1,119,186 shares, compared to its average volume of 1,097,191. The company has a debt-to-equity ratio of 3.03, a current ratio of 2.11 and a quick ratio of 1.91. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -3.14, a P/E/G ratio of 0.85 and a beta of 1.13. The stock’s 50-day moving average price is $14.31 and its 200 day moving average price is $13.21. Driven Brands has a 1-year low of $10.59 and a 1-year high of $16.00.

Driven Brands (NASDAQ:DRVN) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.07. The firm had revenue of $611.60 million during the quarter, compared to analysts’ expectations of $628.34 million. Driven Brands had a negative net margin of 33.56% and a positive return on equity of 15.12%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.27 earnings per share. On average, research analysts anticipate that Driven Brands will post 0.88 EPS for the current year.

Institutional Trading of Driven Brands

Several institutional investors have recently modified their holdings of DRVN. Allspring Global Investments Holdings LLC purchased a new stake in shares of Driven Brands during the 1st quarter worth approximately $26,000. Innealta Capital LLC purchased a new stake in Driven Brands in the 2nd quarter valued at $86,000. nVerses Capital LLC purchased a new stake in Driven Brands in the 3rd quarter valued at $86,000. Bleakley Financial Group LLC purchased a new stake in Driven Brands in the 3rd quarter valued at $171,000. Finally, Norden Group LLC purchased a new stake in Driven Brands in the 1st quarter valued at $182,000. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Driven Brands Company 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.