Driven Brands (NASDAQ:DRVN) Announces Earnings Results

Driven Brands (NASDAQ:DRVN) issued its earnings results on Thursday. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04, Briefing.com reports. Driven Brands had a return on equity of 15.03% and a net margin of 0.27%. The business had revenue of $591.70 million for the quarter, compared to analyst estimates of $598.49 million. During the same period last year, the company posted $0.19 EPS. The business’s quarterly revenue was up 1.8% on a year-over-year basis. Driven Brands updated its FY 2024 guidance to 1.000-1.000 EPS.

Driven Brands Stock Down 0.7 %

Shares of NASDAQ:DRVN traded down $0.10 during trading on Friday, hitting $14.75. 1,119,186 shares of the company were exchanged, compared to its average volume of 659,860. The firm has a fifty day moving average price of $14.31 and a two-hundred day moving average price of $13.21. Driven Brands has a fifty-two week low of $10.59 and a fifty-two week high of $16.00. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of 368.75, a P/E/G ratio of 0.89 and a beta of 1.11. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 3.03.

Wall Street Analysts Forecast Growth

DRVN has been the subject of a number of analyst reports. Royal Bank of Canada upped their price target on Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday. The Goldman Sachs Group lifted their price target on shares of Driven Brands from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Baird R W raised Driven Brands to a “strong-buy” rating in a research report on Friday, August 2nd. Benchmark reissued a “buy” rating and issued a $20.00 price objective on shares of Driven Brands in a report on Tuesday, August 20th. Finally, BMO Capital Markets began coverage on shares of Driven Brands in a research report on Monday, July 22nd. They set a “market perform” rating and a $14.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.45.

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.