Barclays Cuts Driven Brands (NASDAQ:DRVN) Price Target to $22.00

Driven Brands (NASDAQ:DRVN) had its target price reduced by Barclays from $25.00 to $22.00 in a research note released on Monday, Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also recently issued reports on DRVN. Royal Bank of Canada lowered their price objective on Driven Brands from $20.00 to $17.00 and set an outperform rating on the stock in a report on Monday, February 26th. Canaccord Genuity Group dropped their price target on Driven Brands from $21.00 to $17.00 and set a buy rating for the company in a research report on Friday, May 3rd. The Goldman Sachs Group reduced their price objective on Driven Brands from $16.00 to $14.00 and set a neutral rating for the company in a research note on Friday, May 3rd. Morgan Stanley lowered shares of Driven Brands from an overweight rating to an equal weight rating and dropped their target price for the stock from $22.00 to $14.00 in a report on Tuesday, January 16th. Finally, Piper Sandler reduced their target price on shares of Driven Brands from $18.00 to $14.00 and set an overweight rating for the company in a research report on Friday, May 3rd. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $17.61.

Driven Brands Stock Down 2.3 %

Shares of DRVN opened at $11.23 on Monday. The company has a current ratio of 1.92, a quick ratio of 1.73 and a debt-to-equity ratio of 3.21. The firm has a market cap of $1.84 billion, a P/E ratio of -2.47, a PEG ratio of 0.72 and a beta of 1.19. The stock’s 50 day moving average is $14.49 and its two-hundred day moving average is $13.57. Driven Brands has a 12 month low of $10.59 and a 12 month high of $28.51.

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

Institutional Trading of Driven Brands

Institutional investors have recently made changes to their positions in the company. HG Vora Capital Management LLC acquired a new stake in Driven Brands during the fourth quarter worth $49,910,000. Cooper Creek Partners Management LLC purchased a new stake in Driven Brands in the 3rd quarter valued at about $22,402,000. Norges Bank acquired a new position in Driven Brands in the fourth quarter valued at about $18,583,000. Algert Global LLC purchased a new position in Driven Brands during the third quarter worth about $8,716,000. Finally, AQR Capital Management LLC increased its position in shares of Driven Brands by 7,230.1% during the third quarter. AQR Capital Management LLC now owns 657,799 shares of the company’s stock valued at $8,282,000 after acquiring an additional 648,825 shares during the last quarter. 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.