Driven Brands (NASDAQ:DRVN) Shares Gap Down Following Analyst Downgrade

Driven Brands Holdings Inc. (NASDAQ:DRVN) shares gapped down before the market opened on Friday after Canaccord Genuity Group lowered their price target on the stock from $21.00 to $17.00. The stock had previously closed at $11.69, but opened at $11.35. Canaccord Genuity Group currently has a buy rating on the stock. Driven Brands shares last traded at $11.86, with a volume of 589,486 shares trading hands.

A number of other analysts have also weighed in on the company. Morgan Stanley lowered Driven Brands from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $22.00 to $14.00 in a research note on Tuesday, January 16th. Royal Bank of Canada reduced their price target on shares of Driven Brands from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Monday, February 26th. Piper Sandler decreased their price objective on shares of Driven Brands from $18.00 to $14.00 and set an “overweight” rating for the company in a report on Friday. The Goldman Sachs Group dropped their target price on shares of Driven Brands from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, JPMorgan Chase & Co. downgraded shares of Driven Brands from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $18.00 to $12.50 in a research note on Friday. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $17.94.

Institutional Investors Weigh In On Driven Brands

Large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new position in shares of Driven Brands during the first quarter valued at approximately $26,000. PNC Financial Services Group Inc. boosted its position in Driven Brands by 877.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,679 shares of the company’s stock valued at $34,000 after acquiring an additional 2,405 shares in the last quarter. Lindbrook Capital LLC boosted its position in Driven Brands by 126.9% during the 4th quarter. Lindbrook Capital LLC now owns 2,850 shares of the company’s stock valued at $41,000 after acquiring an additional 1,594 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Driven Brands by 49.3% in the 1st quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock valued at $43,000 after acquiring an additional 904 shares during the period. Finally, Parallel Advisors LLC raised its position in shares of Driven Brands by 579.2% in the 4th quarter. Parallel Advisors LLC now owns 3,437 shares of the company’s stock worth $49,000 after acquiring an additional 2,931 shares in the last quarter. Institutional investors own 77.08% of the company’s stock.

Driven Brands Stock Down 0.9 %

The business has a 50 day moving average of $14.55 and a two-hundred day moving average of $13.54. The stock has a market capitalization of $1.90 billion, a PE ratio of -2.49, a PEG ratio of 0.73 and a beta of 1.19. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.73 and a current ratio of 1.92.

Driven Brands (NASDAQ:DRVN) last announced its earnings results on Thursday, February 22nd. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. Driven Brands had a negative net margin of 33.30% and a positive return on equity of 11.38%. The business had revenue of $553.70 million during the quarter, compared to the consensus estimate of $572.92 million. During the same period in the previous year, the company posted $0.22 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. Analysts predict that Driven Brands Holdings Inc. will post 0.88 EPS for the current year.

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.