Canaccord Genuity Group Raises Driven Brands (NASDAQ:DRVN) Price Target to $20.00

Driven Brands (NASDAQ:DRVN) had its target price upped by Canaccord Genuity Group from $19.00 to $20.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also commented on DRVN. Baird R W upgraded Driven Brands to a strong-buy rating in a research note on Friday, August 2nd. Benchmark restated a buy rating and issued a $20.00 price objective on shares of Driven Brands in a research note on Tuesday, August 20th. BMO Capital Markets started coverage on shares of Driven Brands in a research report on Monday, July 22nd. They set a market perform rating and a $14.00 target price on the stock. The Goldman Sachs Group increased their price target on shares of Driven Brands from $14.00 to $16.00 and gave the stock a neutral rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada lifted their price objective on Driven Brands from $14.00 to $16.00 and gave the company an outperform rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Driven Brands currently has an average rating of Moderate Buy and a consensus price target of $18.23.

Driven Brands Stock Performance

NASDAQ DRVN opened at $14.94 on Thursday. The company’s fifty day moving average is $13.65 and its two-hundred day moving average is $13.31. Driven Brands has a 52-week low of $10.59 and a 52-week high of $16.00. The company has a debt-to-equity ratio of 3.03, a current ratio of 2.11 and a quick ratio of 1.91. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of -3.21, a P/E/G ratio of 0.82 and a beta of 1.13.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.07. The firm had revenue of $611.60 million for the quarter, compared to analyst estimates of $628.34 million. Driven Brands had a positive return on equity of 15.12% and a negative net margin of 33.56%. The company’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.27 earnings per share. Equities research analysts forecast that Driven Brands will post 0.88 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of DRVN. Charles Schwab Investment Management Inc. increased its holdings in Driven Brands by 5.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 354,542 shares of the company’s stock valued at $5,056,000 after purchasing an additional 17,252 shares in the last quarter. Norges Bank bought a new stake in shares of Driven Brands during the fourth quarter worth $18,583,000. Quest Partners LLC acquired a new stake in shares of Driven Brands in the fourth quarter valued at $197,000. King Luther Capital Management Corp raised its holdings in shares of Driven Brands by 261.0% in the fourth quarter. King Luther Capital Management Corp now owns 178,517 shares of the company’s stock valued at $2,546,000 after buying an additional 129,062 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in Driven Brands by 579.2% during the 4th quarter. Parallel Advisors LLC now owns 3,437 shares of the company’s stock worth $49,000 after buying an additional 2,931 shares in the last quarter. Institutional investors own 77.08% of the company’s stock.

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.