Driven Brands (NASDAQ:DRVN) Reaches New 12-Month Low After Analyst Downgrade

Posted by on Sep 23rd, 2023

Driven Brands Holdings Inc. (NASDAQ:DRVN – Get Free Report) hit a new 52-week low during mid-day trading on Friday after Barclays lowered their price target on the stock from $27.00 to $25.00. Barclays currently has an overweight rating on the stock. Driven Brands traded as low as $13.14 and last traded at $13.17, with a volume of 531430 shares traded. The stock had previously closed at $13.28.

DRVN has been the topic of several other research reports. Canaccord Genuity Group reduced their price target on shares of Driven Brands from $41.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, August 3rd. TheStreet downgraded shares of Driven Brands from a “c-” rating to a “d+” rating in a research report on Thursday, August 17th. William Blair downgraded shares of Driven Brands from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 2nd. Bank of America cut their target price on shares of Driven Brands from $36.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Morgan Stanley cut their target price on shares of Driven Brands from $37.00 to $24.00 and set an “overweight” rating on the stock in a research report on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.50.

Read Our Latest Report on DRVN

Institutional Trading of Driven Brands

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC increased its stake in shares of Driven Brands by 53.2% in the 2nd quarter. Barclays PLC now owns 14,275 shares of the company’s stock valued at $385,000 after acquiring an additional 4,957 shares during the last quarter. Alberta Investment Management Corp increased its stake in Driven Brands by 31.1% during the 2nd quarter. Alberta Investment Management Corp now owns 97,680 shares of the company’s stock worth $2,643,000 after purchasing an additional 23,199 shares in the last quarter. California State Teachers Retirement System increased its stake in Driven Brands by 18.4% during the 2nd quarter. California State Teachers Retirement System now owns 79,787 shares of the company’s stock worth $2,159,000 after purchasing an additional 12,387 shares in the last quarter. Blueshift Asset Management LLC bought a new stake in Driven Brands during the 2nd quarter worth approximately $223,000. Finally, Walleye Capital LLC increased its stake in Driven Brands by 15.5% during the 2nd quarter. Walleye Capital LLC now owns 85,837 shares of the company’s stock worth $2,323,000 after purchasing an additional 11,495 shares in the last quarter. 36.97% of the stock is owned by institutional investors.

Driven Brands Trading Down 1.8 %

The business has a 50 day moving average of $17.22 and a 200-day moving average of $24.14. The company has a current ratio of 1.18, a quick ratio of 1.02 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $2.18 billion, a P/E ratio of 16.72, a PEG ratio of 4.14 and a beta of 0.96.

Driven Brands (NASDAQ:DRVN – Get Free Report) last posted its earnings results on Wednesday, August 2nd. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). Driven Brands had a return on equity of 10.41% and a net margin of 5.99%. The business had revenue of $606.85 million for the quarter, compared to the consensus estimate of $590.38 million. Analysts anticipate that Driven Brands Holdings Inc. will post 0.83 EPS for the current fiscal year.

Driven Brands Company Profile

(Get Free Report)

Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. The company offers various services, such as paint, collision, glass, vehicle repair, car wash, oil change, and maintenance services.

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