Driven Brands (NASDAQ:DRVN) Coverage Initiated at Benchmark

Equities research analysts at Benchmark started coverage on shares of Driven Brands (NASDAQ:DRVN) in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $22.00 price target on the stock. Benchmark’s price target points to a potential upside of 36.65% from the company’s previous close.

Several other research firms have also issued reports on DRVN. 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 note on Wednesday, February 26th. JPMorgan Chase & Co. boosted 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. Canaccord Genuity Group raised their price objective on shares of Driven Brands from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Piper Sandler upped their target price on shares of Driven Brands from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Finally, Robert W. Baird set a $25.00 price target on Driven Brands in a research report on Thursday, March 13th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Driven Brands currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Driven Brands Stock Performance

Shares of DRVN opened at $16.10 on Friday. Driven Brands has a 52-week low of $10.59 and a 52-week high of $18.01. The stock’s 50-day simple moving average is $16.54 and its 200 day simple moving average is $15.94. 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 $2.64 billion, a price-to-earnings ratio of 402.50, a price-to-earnings-growth ratio of 0.79 and a beta of 1.09.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Intech Investment Management LLC bought a new stake in Driven Brands in the 3rd quarter worth $245,000. Townsquare Capital LLC purchased a new stake in shares of Driven Brands during the third quarter worth about $153,000. MetLife Investment Management LLC increased its holdings in Driven Brands by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 35,158 shares of the company’s stock valued at $502,000 after purchasing an additional 19,810 shares during the period. HighTower Advisors LLC increased its holdings in Driven Brands by 5.9% during the 3rd quarter. HighTower Advisors LLC now owns 29,161 shares of the company’s stock valued at $414,000 after purchasing an additional 1,617 shares during the period. Finally, Quantinno Capital Management LP raised its position in Driven Brands by 69.4% during the 3rd quarter. Quantinno Capital Management LP now owns 69,770 shares of the company’s stock valued at $996,000 after purchasing an additional 28,574 shares during the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

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.