Canaccord Genuity Group Lowers Driven Brands (NASDAQ:DRVN) Price Target to $17.00

Driven Brands (NASDAQ:DRVN) had its target price reduced by Canaccord Genuity Group from $21.00 to $17.00 in a report issued on Friday, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently commented on DRVN. JPMorgan Chase & Co. cut shares of Driven Brands from an overweight rating to a neutral rating and decreased their target price for the stock from $18.00 to $12.50 in a report on Friday. Royal Bank of Canada decreased 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 note on Monday, February 26th. Piper Sandler cut their target price on shares of Driven Brands from $18.00 to $14.00 and set an overweight rating on the stock in a research note on Friday. The Goldman Sachs Group decreased their target price on Driven Brands from $16.00 to $14.00 and set a neutral rating for the company in a research report on Friday. Finally, Morgan Stanley lowered 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 analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $17.61.

Driven Brands Price Performance

Shares of NASDAQ:DRVN opened at $12.00 on Friday. The company has a market capitalization of $1.97 billion, a PE ratio of -2.59, a price-to-earnings-growth ratio of 0.72 and a beta of 1.19. 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 stock has a fifty day moving average of $14.55 and a 200-day moving average of $13.56. Driven Brands has a one year low of $10.59 and a one year high of $28.83.

Driven Brands (NASDAQ:DRVN) last announced its earnings results on Thursday, February 22nd. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.16 by $0.03. Driven Brands had a positive return on equity of 11.38% and a negative net margin of 33.30%. The business had revenue of $553.70 million during the quarter, compared to the consensus estimate of $572.92 million. During the same period in the prior year, the business posted $0.22 earnings per share. Driven Brands’s revenue was up 2.6% compared to the same quarter last year. As a group, equities analysts anticipate that Driven Brands will post 0.88 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of DRVN. Allspring Global Investments Holdings LLC bought a new stake in shares of Driven Brands in the 1st quarter valued at approximately $26,000. PNC Financial Services Group Inc. lifted its stake in Driven Brands by 877.7% in the third quarter. PNC Financial Services Group Inc. now owns 2,679 shares of the company’s stock valued at $34,000 after acquiring an additional 2,405 shares during the last quarter. GAMMA Investing LLC grew its position 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 in the last quarter. Lindbrook Capital LLC increased its stake in shares of Driven Brands by 126.9% during the 4th quarter. Lindbrook Capital LLC now owns 2,850 shares of the company’s stock worth $41,000 after purchasing an additional 1,594 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of Driven Brands by 579.2% during the 4th quarter. Parallel Advisors LLC now owns 3,437 shares of the company’s stock valued at $49,000 after purchasing an additional 2,931 shares in the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

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.