BI Asset Management Fondsmaeglerselskab A S Lowers Holdings in Driven Brands Holdings Inc. $DRVN

BI Asset Management Fondsmaeglerselskab A S lessened its stake in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 53.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 151,081 shares of the company’s stock after selling 172,145 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Driven Brands were worth $2,434,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. North Peak Capital Management LLC raised its position in shares of Driven Brands by 9.0% in the second quarter. North Peak Capital Management LLC now owns 7,123,075 shares of the company’s stock worth $125,081,000 after acquiring an additional 589,556 shares during the period. Emeth Value Capital LLC grew its holdings in Driven Brands by 34.8% in the third quarter. Emeth Value Capital LLC now owns 3,263,911 shares of the company’s stock valued at $52,745,000 after purchasing an additional 842,668 shares during the period. AustralianSuper Pty Ltd purchased a new stake in shares of Driven Brands in the third quarter valued at approximately $44,645,000. Covey Capital Advisors LLC grew its stake in Driven Brands by 95.2% in the 2nd quarter. Covey Capital Advisors LLC now owns 73,645 shares of the company’s stock valued at $1,293,000 after acquiring an additional 35,915 shares during the period. Finally, AXQ Capital LP purchased a new stake in Driven Brands in the 2nd quarter worth $364,000. 77.08% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Scott L. O’melia sold 46,875 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $16.00, for a total value of $750,000.00. Following the completion of the transaction, the insider directly owned 326,944 shares in the company, valued at approximately $5,231,104. This represents a 12.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of Driven Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 12th. Stifel Nicolaus set a $23.00 price objective on Driven Brands in a report on Monday, November 17th. Piper Sandler cut their price objective on Driven Brands from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, October 24th. Weiss Ratings reiterated a “sell (d)” rating on shares of Driven Brands in a research report on Monday, December 29th. Finally, Benchmark restated a “buy” rating on shares of Driven Brands in a report on Wednesday, December 3rd. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.80.

Driven Brands Stock Performance

NASDAQ:DRVN opened at $17.06 on Friday. The company’s 50-day moving average is $15.35 and its two-hundred day moving average is $15.90. Driven Brands Holdings Inc. has a 1-year low of $13.44 and a 1-year high of $19.74. The company has a debt-to-equity ratio of 2.44, a current ratio of 0.90 and a quick ratio of 0.80. The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of -13.76, a PEG ratio of 1.21 and a beta of 1.04.

Driven Brands Company Profile

Driven Brands Holdings Inc (NASDAQ: DRVN) is a leading North American provider of automotive aftermarket services, operating through a network of franchised and company-owned locations. The company’s platform encompasses a diverse portfolio of car care and maintenance brands, including Meineke Car Care Centers, Maaco Collision Repair & Auto Painting, Take 5 Oil Change, and Carstar Collision Repair. Driven Brands delivers a full range of services from routine maintenance and oil changes to collision repair, paint protection, and vehicle customization.

Headquartered in Charlotte, North Carolina, Driven Brands serves both individual consumers and commercial clients across the United States and Canada.