Driven Brands (NASDAQ:DRVN) Announces Quarterly Earnings Results

Driven Brands (NASDAQ:DRVN) announced its quarterly earnings results on Thursday. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04, Briefing.com reports. Driven Brands had a net margin of 0.27% and a return on equity of 15.03%. The firm had revenue of $591.70 million during the quarter, compared to analyst estimates of $598.49 million. During the same period in the previous year, the business posted $0.19 earnings per share. The business’s revenue for the quarter 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 Performance

DRVN opened at $14.75 on Friday. The company has a debt-to-equity ratio of 3.03, a current ratio of 2.11 and a quick ratio of 1.91. Driven Brands has a 1-year low of $10.59 and a 1-year high of $16.00. The company has a 50 day simple moving average of $14.31 and a two-hundred day simple moving average of $13.21. The firm has a market cap of $2.42 billion, a P/E ratio of 368.75, a PEG ratio of 0.89 and a beta of 1.11.

Analyst Upgrades and Downgrades

DRVN has been the subject of a number of research analyst reports. Robert W. Baird lifted their target price on shares of Driven Brands from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. BMO Capital Markets began coverage on Driven Brands in a research report on Monday, July 22nd. They set a “market perform” rating and a $14.00 price objective for the company. Royal Bank of Canada raised their target price on Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday. Baird R W raised shares of Driven Brands to a “strong-buy” rating in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group raised their price objective on shares of Driven Brands from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Friday. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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.