Driven Brands (NASDAQ:DRVN) Sees Unusually-High Trading Volume

Driven Brands Holdings Inc. (NASDAQ:DRVN) shares saw unusually-high trading volume on Thursday . Approximately 668,308 shares changed hands during mid-day trading, a decline of 39% from the previous session’s volume of 1,086,718 shares.The stock last traded at $12.52 and had previously closed at $14.66.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on DRVN. Piper Sandler lowered their price objective on shares of Driven Brands from $22.00 to $18.00 and set an “overweight” rating for the company in a research report on Monday, February 26th. Royal Bank of Canada dropped their price target 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. JPMorgan Chase & Co. reduced their price objective on Driven Brands from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. Morgan Stanley lowered Driven Brands from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $22.00 to $14.00 in a research report on Tuesday, January 16th. Finally, Canaccord Genuity Group upped their price target on Driven Brands from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Driven Brands presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.89.

Driven Brands Trading Down 25.6 %

The company has a market cap of $1.79 billion, a price-to-earnings ratio of -2.48, a P/E/G ratio of 0.89 and a beta of 1.19. The firm has a fifty day moving average price of $14.62 and a 200 day moving average price of $13.55. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.73 and a current ratio of 1.92.

Driven Brands (NASDAQ:DRVN) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The firm had revenue of $553.70 million for the quarter, compared to the consensus estimate of $572.92 million. Driven Brands had a negative net margin of 32.33% and a positive return on equity of 11.00%. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 earnings per share. As a group, equities analysts predict that Driven Brands Holdings Inc. will post 0.88 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in DRVN. Kestrel Investment Management Corp acquired a new position in shares of Driven Brands during the 4th quarter worth $3,067,000. TimesSquare Capital Management LLC lifted its holdings in shares of Driven Brands by 15.3% in the third quarter. TimesSquare Capital Management LLC now owns 2,052,348 shares of the company’s stock worth $25,839,000 after acquiring an additional 272,815 shares during the last quarter. Numerai GP LLC acquired a new stake in shares of Driven Brands in the 3rd quarter valued at approximately $1,819,000. Jump Financial LLC bought a new stake in shares of Driven Brands during the 3rd quarter valued at approximately $2,658,000. Finally, Graham Capital Management L.P. acquired a new position in Driven Brands during the 3rd quarter worth approximately $2,524,000. 77.08% of the stock is currently 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.