Driven Brands (NASDAQ:DRVN) Price Target Raised to $22.00 at Piper Sandler

Driven Brands (NASDAQ:DRVN) had its price objective lifted by equities researchers at Piper Sandler from $19.00 to $22.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 40.66% from the company’s previous close.

Several other equities analysts have also recently commented on DRVN. Canaccord Genuity Group boosted their price objective on shares of Driven Brands from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Stifel Nicolaus raised their price objective on Driven Brands from $20.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Royal Bank of Canada boosted their price target on shares of Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.75.

Driven Brands Stock Up 2.1 %

Shares of NASDAQ:DRVN opened at $15.64 on Wednesday. Driven Brands has a 12-month low of $10.59 and a 12-month high of $17.45. The company has a quick ratio of 1.72, a current ratio of 1.90 and a debt-to-equity ratio of 2.84. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of 391.00, a PEG ratio of 0.79 and a beta of 1.15. The business’s 50 day moving average is $15.99 and its 200 day moving average is $15.38.

Driven Brands (NASDAQ:DRVN) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.30 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $572.95 million. During the same quarter in the previous year, the firm posted $0.19 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, sell-side analysts forecast that Driven Brands will post 0.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Driven Brands by 3.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,104 shares of the company’s stock valued at $550,000 after buying an additional 1,079 shares during the last quarter. HighTower Advisors LLC increased its position in Driven Brands by 5.9% during the third quarter. HighTower Advisors LLC now owns 29,161 shares of the company’s stock valued at $414,000 after acquiring an additional 1,617 shares during the last quarter. MetLife Investment Management LLC increased its position in Driven Brands by 5.7% during the fourth quarter. MetLife Investment Management LLC now owns 37,161 shares of the company’s stock valued at $600,000 after acquiring an additional 2,003 shares during the last quarter. Creative Planning lifted its holdings in Driven Brands by 9.1% in the third quarter. Creative Planning now owns 33,148 shares of the company’s stock valued at $473,000 after acquiring an additional 2,754 shares during the period. Finally, Legal & General Group Plc boosted its position in Driven Brands by 5.5% in the fourth quarter. Legal & General Group Plc now owns 73,791 shares of the company’s stock worth $1,191,000 after purchasing an additional 3,833 shares during 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.