Driven Brands (NASDAQ:DRVN) Shares Gap Up – Here’s Why

Driven Brands Holdings Inc. (NASDAQ:DRVN)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $12.47, but opened at $12.97. Driven Brands shares last traded at $12.84, with a volume of 142,365 shares trading hands.

Analysts Set New Price Targets

DRVN has been the subject of several recent research reports. Bank of America started coverage on Driven Brands in a research report on Thursday, September 10th. They set an “underperform” rating and a $12.00 price target for the company. UBS Group restated a “buy” rating on shares of Driven Brands in a research report on Thursday. Benchmark reaffirmed a “buy” rating on shares of Driven Brands in a research note on Tuesday, May 26th. Wall Street Zen cut Driven Brands from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, BMO Capital Markets cut their target price on shares of Driven Brands from $18.00 to $14.00 and set a “market perform” rating for the company in a research note on Thursday, May 21st. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $16.43.

Driven Brands Stock Performance

The company has a market cap of $2.12 billion, a PE ratio of 12.35, a P/E/G ratio of 2.10 and a beta of 0.94. The stock’s 50 day simple moving average is $13.70 and its two-hundred day simple moving average is $13.03. The company has a quick ratio of 1.33, a current ratio of 1.47 and a debt-to-equity ratio of 1.99.

Driven Brands (NASDAQ:DRVN) last announced its quarterly earnings data on Monday, July 27th. The company reported $0.29 earnings per share (EPS) for the quarter. Driven Brands had a net margin of 8.61% and a return on equity of 24.13%. As a group, research analysts anticipate that Driven Brands Holdings Inc. will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Driven Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in DRVN. Comerica Bank raised its holdings in shares of Driven Brands by 328.8% in the 4th quarter. Comerica Bank now owns 2,933 shares of the company’s stock worth $43,000 after purchasing an additional 2,249 shares during the period. Larson Financial Group LLC grew its holdings in shares of Driven Brands by 1,347.7% during the 4th quarter. Larson Financial Group LLC now owns 3,822 shares of the company’s stock worth $57,000 after purchasing an additional 3,558 shares during the period. SJS Investment Consulting Inc. grew its holdings in shares of Driven Brands by 420.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 4,500 shares of the company’s stock worth $57,000 after purchasing an additional 3,635 shares during the period. ARS Investment Partners LLC acquired a new stake in Driven Brands during the 4th quarter worth approximately $148,000. Finally, ProShare Advisors LLC increased its position in Driven Brands by 6.9% during the 4th quarter. ProShare Advisors LLC now owns 10,917 shares of the company’s stock worth $162,000 after purchasing an additional 701 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

About Driven Brands

Driven Brands Holdings Inc is an automotive services company that operates and franchises a network of businesses serving vehicle owners and commercial customers. Its services include routine vehicle maintenance, oil changes, automotive repair, collision repair, paint and glass services, and car washing.

The company’s portfolio includes brands such as Take 5 Oil Change, Meineke Car Care Centers, MAACO, CARSTAR, and Fix Auto. Through these brands, Driven Brands provides services ranging from preventative maintenance and mechanical repairs to bodywork, paint repair, windshield replacement, and vehicle appearance care.