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

Driven Brands (NASDAQ:DRVN) had its target price boosted by Canaccord Genuity Group from $21.00 to $23.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

DRVN has been the subject of several other reports. BMO Capital Markets raised their target price on Driven Brands from $15.00 to $16.00 and gave the stock a “market perform” rating in a research report on Wednesday. JPMorgan Chase & Co. raised their price objective on Driven Brands from $14.50 to $17.00 and gave the stock a “neutral” rating in a research report on Wednesday. Royal Bank of Canada lifted their price objective on Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Stifel Nicolaus increased their target price 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. Finally, Piper Sandler boosted their price target on shares of Driven Brands from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Driven Brands currently has a consensus rating of “Moderate Buy” and an average target price of $19.60.

Driven Brands Stock Performance

NASDAQ:DRVN opened at $16.35 on Wednesday. The stock’s 50-day moving average is $16.00 and its 200-day moving average is $15.39. The stock has a market cap of $2.68 billion, a P/E ratio of 408.75, a price-to-earnings-growth ratio of 0.79 and a beta of 1.15. Driven Brands has a 1-year low of $10.59 and a 1-year high of $17.45. The company has a current ratio of 1.90, a quick ratio of 1.72 and a debt-to-equity ratio of 2.84.

Driven Brands (NASDAQ:DRVN) last posted its earnings results on Tuesday, February 25th. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.13. The firm had revenue of $564.12 million for the quarter, compared to analyst estimates of $572.95 million. Driven Brands had a net margin of 0.27% and a return on equity of 14.86%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 EPS. Equities research analysts anticipate that Driven Brands will post 0.85 earnings per share for the current year.

Hedge Funds Weigh In On Driven Brands

A number of institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. increased its stake in shares of Driven Brands by 600.5% in the 4th quarter. Blue Trust Inc. now owns 9,198 shares of the company’s stock valued at $148,000 after acquiring an additional 7,885 shares in the last quarter. Townsquare Capital LLC bought a new position in Driven Brands during the third quarter worth $153,000. LPL Financial LLC acquired a new stake in Driven Brands in the fourth quarter worth $178,000. BNP Paribas Financial Markets bought a new stake in Driven Brands in the fourth quarter valued at $205,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Driven Brands during the fourth quarter valued at about $215,000. 77.08% of the stock is currently owned by institutional investors.

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.