Norges Bank Takes Position in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Norges Bank purchased a new position in Driven Brands Holdings Inc. (NASDAQ:DRVN) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 107,900 shares of the company’s stock, valued at approximately $1,742,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Blue Trust Inc. increased its position in shares of Driven Brands by 600.5% during the fourth quarter. Blue Trust Inc. now owns 9,198 shares of the company’s stock worth $148,000 after acquiring an additional 7,885 shares during the period. LPL Financial LLC purchased a new position in Driven Brands during the 4th quarter worth $178,000. SBI Securities Co. Ltd. bought a new stake in Driven Brands during the 4th quarter valued at $215,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Driven Brands in the 4th quarter worth $216,000. Finally, SG Americas Securities LLC grew its position in shares of Driven Brands by 47.2% during the 4th quarter. SG Americas Securities LLC now owns 13,720 shares of the company’s stock worth $221,000 after buying an additional 4,399 shares in the last quarter. Institutional investors own 77.08% of the company’s stock.

Driven Brands Stock Performance

Shares of DRVN opened at $16.12 on Friday. Driven Brands Holdings Inc. has a 12 month low of $10.59 and a 12 month high of $18.01. The stock has a fifty day moving average price of $16.43 and a 200-day moving average price of $15.98. The company has a current ratio of 1.90, a quick ratio of 1.72 and a debt-to-equity ratio of 2.84. The firm has a market cap of $2.64 billion, a PE ratio of 403.00, a P/E/G ratio of 0.79 and a beta of 1.09.

Driven Brands (NASDAQ:DRVN) last issued its quarterly 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 business had revenue of $564.12 million during the quarter, compared to the consensus estimate of $572.95 million. During the same quarter last year, the company earned $0.19 earnings per share. The company’s quarterly revenue was up 1.9% on a year-over-year basis. Equities research analysts predict that Driven Brands Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DRVN. Canaccord Genuity Group upped their price objective on shares of Driven Brands from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. Benchmark started coverage on shares of Driven Brands in a research note on Friday, April 4th. They set a “buy” rating and a $22.00 price objective on the stock. Piper Sandler lifted their price objective on shares of Driven Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Robert W. Baird set a $25.00 target price on Driven Brands in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. lifted their price target on Driven Brands from $14.50 to $17.00 and gave the company a “neutral” rating in a 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Driven Brands 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.