JPMorgan Chase & Co. Reduces Holdings in Driven Brands Holdings Inc. (NASDAQ:DRVN)

JPMorgan Chase & Co. lessened its holdings in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 7.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,004,705 shares of the company’s stock after selling 300,391 shares during the period. JPMorgan Chase & Co. owned 2.44% of Driven Brands worth $64,636,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of DRVN. Vanguard Group Inc. lifted its stake in Driven Brands by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 5,708,430 shares of the company’s stock valued at $92,134,000 after buying an additional 31,431 shares in the last quarter. LPL Financial LLC acquired a new position in shares of Driven Brands in the fourth quarter worth $178,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Driven Brands in the fourth quarter valued at $216,000. American Century Companies Inc. boosted its stake in shares of Driven Brands by 34.5% during the fourth quarter. American Century Companies Inc. now owns 88,600 shares of the company’s stock valued at $1,430,000 after acquiring an additional 22,703 shares during the last quarter. Finally, Boston Partners purchased a new stake in Driven Brands during the 4th quarter worth about $2,123,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Driven Brands Stock Performance

NASDAQ DRVN opened at $16.10 on Friday. The firm has a market capitalization of $2.64 billion, a P/E ratio of 402.50, a P/E/G ratio of 0.79 and a beta of 1.09. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.90 and a quick ratio of 1.72. Driven Brands Holdings Inc. has a 1-year low of $10.59 and a 1-year high of $18.01. The business’s 50-day simple moving average is $16.54 and its 200-day simple moving average is $15.93.

Driven Brands (NASDAQ:DRVN) last issued its earnings results on Tuesday, February 25th. The company reported $0.30 earnings per share for the quarter, topping 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 company had revenue of $564.12 million during the quarter, compared to the consensus estimate of $572.95 million. During the same quarter in the prior year, the business earned $0.19 earnings per share. The company’s revenue was up 1.9% compared to the same quarter last year. Equities analysts predict that Driven Brands Holdings Inc. will post 0.85 EPS for the current year.

Analysts Set New Price Targets

DRVN has been the topic of a number of recent research reports. Robert W. Baird set a $25.00 target price on shares of Driven Brands in a report on Thursday, March 13th. Canaccord Genuity Group raised their target price on shares of Driven Brands from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Benchmark began coverage on Driven Brands in a report on Friday. They issued a “buy” rating and a $22.00 price target for the company. JPMorgan Chase & Co. raised their price objective on Driven Brands from $14.50 to $17.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. Finally, BMO Capital Markets lifted 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, February 26th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $20.50.

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.