Driven Brands (NASDAQ:DRVN) Price Target Raised to $23.00

Driven Brands (NASDAQ:DRVN) had its target price lifted by Canaccord Genuity Group from $21.00 to $23.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

DRVN has been the subject of a number of other reports. BMO Capital Markets raised their price objective on Driven Brands from $15.00 to $16.00 and gave the company a “market perform” rating in a research report on Wednesday. Royal Bank of Canada raised their price objective on Driven Brands from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Piper Sandler raised their price objective on Driven Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Wednesday. Stifel Nicolaus raised their price objective on Driven Brands from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, JPMorgan Chase & Co. raised their price objective on Driven Brands from $14.50 to $17.00 and gave the company a “neutral” rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.60.

Driven Brands Stock Performance

Shares of NASDAQ DRVN opened at $17.53 on Wednesday. The stock has a 50 day moving average price of $16.03 and a 200 day moving average price of $15.42. Driven Brands has a 52 week low of $10.59 and a 52 week high of $17.57. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.72 and a current ratio of 1.90. The stock has a market capitalization of $2.88 billion, a PE ratio of 438.25, a price-to-earnings-growth ratio of 0.79 and a beta of 1.15.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.17 by $0.13. Driven Brands had a return on equity of 14.86% and a net margin of 0.27%. The firm had revenue of $564.12 million during the quarter, compared to analysts’ expectations of $572.95 million. During the same period in the prior year, the firm posted $0.19 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. Analysts predict that Driven Brands will post 0.85 earnings per share for the current fiscal year.

Institutional Trading of Driven Brands

Hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in Driven Brands by 600.5% during the 4th quarter. Blue Trust Inc. now owns 9,198 shares of the company’s stock worth $148,000 after purchasing an additional 7,885 shares during the last quarter. Townsquare Capital LLC bought a new position in Driven Brands during the 3rd quarter worth $153,000. LPL Financial LLC bought a new position in Driven Brands during the 4th quarter worth $178,000. BNP Paribas Financial Markets bought a new position in Driven Brands during the 4th quarter worth $205,000. Finally, SBI Securities Co. Ltd. bought a new position in Driven Brands during the 4th quarter worth $215,000. 77.08% of the stock is owned by institutional investors and hedge funds.

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.