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

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

A number of other research firms also recently weighed in on DRVN. Piper Sandler reduced their price target on Driven Brands from $18.00 to $14.00 and set an overweight rating for the company in a research report on Friday. The Goldman Sachs Group reduced their price target on Driven Brands from $16.00 to $14.00 and set a neutral rating for the company in a research report on Friday. Morgan Stanley cut Driven Brands from an overweight rating to an equal weight rating and dropped their price objective for the stock from $22.00 to $14.00 in a research note on Tuesday, January 16th. Royal Bank of Canada dropped their price objective on Driven Brands from $20.00 to $17.00 and set an outperform rating on the stock in a research note on Monday, February 26th. Finally, JPMorgan Chase & Co. cut Driven Brands from an overweight rating to a neutral rating and dropped their price objective for the stock from $18.00 to $12.50 in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Driven Brands currently has an average rating of Moderate Buy and a consensus price target of $17.94.

Driven Brands Stock Down 0.9 %

Shares of DRVN traded down $0.10 on Friday, hitting $11.59. The company’s stock had a trading volume of 2,840,752 shares, compared to its average volume of 1,442,472. The company has a quick ratio of 1.73, a current ratio of 1.92 and a debt-to-equity ratio of 3.21. The firm’s fifty day moving average price is $14.55 and its 200-day moving average price is $13.54. Driven Brands has a fifty-two week low of $10.59 and a fifty-two week high of $29.88. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of -2.49, a P/E/G ratio of 0.73 and a beta of 1.19.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $0.19 earnings per share (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 analyst estimates of $572.92 million. During the same period in the previous year, the firm earned $0.22 EPS. Driven Brands’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, equities research analysts expect that Driven Brands will post 0.88 EPS for the current year.

Institutional Investors Weigh In On Driven Brands

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Driven Brands by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,390,311 shares of the company’s stock worth $67,864,000 after buying an additional 100,300 shares during the period. HG Vora Capital Management LLC bought a new position in Driven Brands during the 4th quarter worth $49,910,000. TimesSquare Capital Management LLC increased its position in Driven Brands by 15.3% during the 3rd quarter. TimesSquare Capital Management LLC now owns 2,052,348 shares of the company’s stock worth $25,839,000 after buying an additional 272,815 shares during the period. Cooper Creek Partners Management LLC bought a new position in Driven Brands during the 3rd quarter worth $22,402,000. Finally, Norges Bank bought a new position in Driven Brands during the 4th quarter worth $18,583,000. Institutional investors own 77.08% of the company’s stock.

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.