Short Interest in Driven Brands Holdings Inc. (NASDAQ:DRVN) Declines By 6.9%

Driven Brands Holdings Inc. (NASDAQ:DRVN) saw a significant decrease in short interest in the month of March. As of March 31st, there was short interest totalling 4,340,000 shares, a decrease of 6.9% from the March 15th total of 4,660,000 shares. Based on an average daily trading volume, of 1,080,000 shares, the short-interest ratio is presently 4.0 days. Currently, 7.5% of the company’s stock are sold short.

Analyst Ratings Changes

Several research firms have recently weighed in on DRVN. Morgan Stanley cut Driven Brands from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $22.00 to $14.00 in a research report on Tuesday, January 16th. Canaccord Genuity Group increased their price target on Driven Brands from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, March 18th. JPMorgan Chase & Co. reduced their price target on Driven Brands from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Tuesday, February 20th. Piper Sandler reduced their price target on Driven Brands from $22.00 to $18.00 and set an “overweight” rating for the company in a research report on Monday, February 26th. Finally, Royal Bank of Canada reduced their price target on Driven Brands from $20.00 to $17.00 and set an “outperform” rating for the company in a research report on Monday, February 26th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.89.

Driven Brands Trading Up 1.2 %

Shares of NASDAQ DRVN opened at $14.65 on Tuesday. The company has a current ratio of 1.92, a quick ratio of 1.73 and a debt-to-equity ratio of 3.21. Driven Brands has a 1-year low of $10.60 and a 1-year high of $31.47. The business’s 50 day moving average is $14.43 and its 200-day moving average is $13.33.

Driven Brands (NASDAQ:DRVN) last announced its earnings results on Thursday, February 22nd. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. The company had revenue of $553.70 million for the quarter, compared to analyst estimates of $572.92 million. Driven Brands had a positive return on equity of 11.00% and a negative net margin of 32.33%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.22 earnings per share. Analysts expect that Driven Brands will post 0.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Driven Brands

A number of hedge funds have recently added to or reduced their stakes in DRVN. MetLife Investment Management LLC bought a new position in Driven Brands during the 1st quarter worth $28,000. PNC Financial Services Group Inc. increased its stake in Driven Brands by 877.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,679 shares of the company’s stock worth $34,000 after acquiring an additional 2,405 shares during the period. Lindbrook Capital LLC increased its stake in Driven Brands by 126.9% during the 4th quarter. Lindbrook Capital LLC now owns 2,850 shares of the company’s stock worth $41,000 after acquiring an additional 1,594 shares during the period. GAMMA Investing LLC increased its stake in Driven Brands by 49.3% during the 1st quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock worth $43,000 after acquiring an additional 904 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in shares of Driven Brands by 54.8% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,560 shares of the company’s stock valued at $44,000 after purchasing an additional 552 shares during the last quarter. Institutional investors own 77.08% of the company’s stock.

Driven Brands Company Profile

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.