Canaccord Genuity Group Boosts Driven Brands (NASDAQ:DRVN) Price Target to $23.00

Driven Brands (NASDAQ:DRVN) had its target price raised by research analysts at Canaccord Genuity Group from $21.00 to $23.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 40.71% from the stock’s previous close.

A number of other brokerages also recently issued reports on DRVN. BMO Capital Markets increased their price target on Driven Brands from $15.00 to $16.00 and gave the stock a “market perform” rating in a research report on Wednesday. Royal Bank of Canada increased their price objective on shares of Driven Brands from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Stifel Nicolaus increased their price target on shares of Driven Brands from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Piper Sandler raised their price target on shares of Driven Brands from $19.00 to $22.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. increased their target price on shares of Driven Brands from $14.50 to $17.00 and gave the stock a “neutral” rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Driven Brands presently has an average rating of “Moderate Buy” and an average target price of $19.60.

Driven Brands Stock Up 4.5 %

NASDAQ DRVN traded up $0.71 on Wednesday, reaching $16.35. The company had a trading volume of 446,685 shares, compared to its average volume of 510,331. The firm has a market capitalization of $2.68 billion, a PE ratio of 411.08, a P/E/G ratio of 0.79 and a beta of 1.15. The firm has a 50-day moving average of $15.99 and a 200-day moving average of $15.38. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.90 and a quick ratio of 1.72. Driven Brands has a 1 year low of $10.59 and a 1 year high of $17.45.

Driven Brands (NASDAQ:DRVN) last released its quarterly earnings data on Tuesday, February 25th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.13. Driven Brands had a net margin of 0.27% and a return on equity of 14.86%. The business had revenue of $564.12 million during the quarter, compared to analyst estimates of $572.95 million. During the same quarter in the previous year, the business earned $0.19 EPS. Driven Brands’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities research analysts anticipate that Driven Brands will post 0.85 EPS for the current fiscal year.

Institutional Trading of Driven Brands

Several large investors have recently modified their holdings of the stock. GSA Capital Partners LLP bought a new position in Driven Brands in the third quarter worth approximately $697,000. Emeth Value Capital LLC bought a new stake in Driven Brands in the fourth quarter worth $41,452,000. Barclays PLC grew its stake in shares of Driven Brands by 36.0% during the 3rd quarter. Barclays PLC now owns 205,068 shares of the company’s stock valued at $2,928,000 after purchasing an additional 54,277 shares during the period. Millrace Asset Group Inc. purchased a new position in Driven Brands during the third quarter valued at $1,420,000. Finally, North Peak Capital Management LLC lifted its position in shares of Driven Brands by 1.8% in the third quarter. North Peak Capital Management LLC now owns 5,299,000 shares of the company’s stock valued at $75,617,000 after acquiring an additional 95,529 shares in the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

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.