Canaccord Genuity Group Lowers Driven Brands (NASDAQ:DRVN) Price Target to $17.00

Driven Brands (NASDAQ:DRVN) had its price target cut by research analysts at Canaccord Genuity Group from $21.00 to $17.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 46.68% from the stock’s current price.

Several other equities research analysts have also recently weighed in on DRVN. JPMorgan Chase & Co. cut shares of Driven Brands from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $18.00 to $12.50 in a research report on Friday. Piper Sandler reduced their price objective on Driven Brands from $18.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday. The Goldman Sachs Group lowered their target price on Driven Brands from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday. Morgan Stanley lowered Driven Brands from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $22.00 to $14.00 in a research note on Tuesday, January 16th. Finally, Royal Bank of Canada lowered their price objective 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. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Driven Brands has an average rating of “Moderate Buy” and an average target price of $17.94.

Driven Brands Price Performance

Shares of NASDAQ:DRVN traded down $0.10 during trading on Friday, reaching $11.59. The stock had a trading volume of 2,840,752 shares, compared to its average volume of 1,442,472. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.73 and a current ratio of 1.92. Driven Brands has a 52 week low of $10.59 and a 52 week high of $29.88. The business’s 50-day moving average price is $14.55 and its 200 day moving average price is $13.54.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.03. The firm had revenue of $553.70 million during the quarter, compared to the consensus estimate of $572.92 million. Driven Brands had a positive return on equity of 11.38% and a negative net margin of 33.30%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.22 EPS. On average, equities analysts anticipate that Driven Brands will post 0.88 EPS for the current fiscal year.

Institutional Trading of Driven Brands

A number of hedge funds have recently modified their holdings of the company. Kestrel Investment Management Corp bought a new position in shares of Driven Brands during the fourth quarter worth $3,067,000. TimesSquare Capital Management LLC raised its stake in Driven Brands by 15.3% during the 3rd quarter. TimesSquare Capital Management LLC now owns 2,052,348 shares of the company’s stock worth $25,839,000 after buying an additional 272,815 shares during the period. Numerai GP LLC bought a new position in Driven Brands during the third quarter worth about $1,819,000. Jump Financial LLC bought a new stake in shares of Driven Brands in the third quarter worth about $2,658,000. Finally, Graham Capital Management L.P. bought a new stake in shares of Driven Brands in the third quarter worth about $2,524,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

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.