Driven Brands (NASDAQ:DRVN) Downgraded by JPMorgan Chase & Co. to “Neutral”

JPMorgan Chase & Co. lowered shares of Driven Brands (NASDAQ:DRVN) from an overweight rating to a neutral rating in a research note published on Friday, MarketBeat.com reports. The firm currently has $12.50 price target on the stock, down from their prior price target of $18.00.

DRVN has been the subject of several other reports. Royal Bank of Canada cut their price objective on shares of Driven Brands from $20.00 to $17.00 and set an outperform rating for the company in a research report on Monday, February 26th. 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 research report on Monday, March 18th. Piper Sandler dropped their price target on shares of Driven Brands from $22.00 to $18.00 and set an overweight rating for the company in a research report on Monday, February 26th. Finally, Morgan Stanley cut shares of Driven Brands from an overweight rating to an equal weight rating and dropped their price target for the company from $22.00 to $14.00 in a research report on Tuesday, January 16th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $17.94.

Driven Brands Stock Performance

NASDAQ:DRVN opened at $11.59 on Friday. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.73 and a current ratio of 1.92. The company has a fifty day moving average of $14.55 and a two-hundred day moving average of $13.56. The stock has a market capitalization of $1.90 billion, a PE ratio of -2.49, a P/E/G ratio of 0.72 and a beta of 1.19. Driven Brands has a fifty-two week low of $10.59 and a fifty-two week high of $29.88.

Driven Brands (NASDAQ:DRVN) last released its earnings results on Thursday, February 22nd. The company reported $0.19 earnings per share (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 analyst estimates of $572.92 million. During the same quarter in the prior year, the firm earned $0.22 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, research analysts forecast that Driven Brands will post 0.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC lifted its stake in Driven Brands by 49.3% in the first quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock worth $43,000 after acquiring an additional 904 shares during the last quarter. Quent Capital LLC lifted its stake in Driven Brands by 17.1% in the fourth quarter. Quent Capital LLC now owns 8,921 shares of the company’s stock worth $127,000 after acquiring an additional 1,304 shares during the last quarter. Swiss National Bank lifted its stake in Driven Brands by 1.0% in the third quarter. Swiss National Bank now owns 147,300 shares of the company’s stock worth $1,855,000 after acquiring an additional 1,500 shares during the last quarter. Lindbrook Capital LLC lifted its stake in Driven Brands by 126.9% in the fourth quarter. Lindbrook Capital LLC now owns 2,850 shares of the company’s stock worth $41,000 after acquiring an additional 1,594 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in Driven Brands in the first quarter worth approximately $26,000. Hedge funds and other institutional investors own 77.08% of the company’s stock.

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.