Driven Brands (NASDAQ:DRVN) Updates FY24 Earnings Guidance

Driven Brands (NASDAQ:DRVN) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.88-1.00 for the period, compared to the consensus estimate of $0.95. The company issued revenue guidance of $2.35-2.45 billion, compared to the consensus revenue estimate of $2.43 billion.

Driven Brands Stock Down 0.9 %

Shares of NASDAQ DRVN traded down $0.10 during mid-day trading on Friday, hitting $11.59. The company 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 current ratio of 1.92 and a quick ratio of 1.73. Driven Brands has a 1 year low of $10.59 and a 1 year high of $29.88. The stock’s 50-day moving average price is $14.55 and its 200-day moving average price is $13.54.

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

Wall Street Analysts Forecast Growth

DRVN has been the subject of several analyst reports. Canaccord Genuity Group cut their price target on shares of Driven Brands from $21.00 to $17.00 and set a buy rating for the company in a report on Friday. JPMorgan Chase & Co. cut shares of Driven Brands from an overweight rating to a neutral rating and decreased their price objective for the stock from $18.00 to $12.50 in a research report on Friday. Morgan Stanley lowered shares of Driven Brands from an overweight rating to an equal weight rating and decreased their price target for the stock from $22.00 to $14.00 in a report on Tuesday, January 16th. Piper Sandler cut their target price on shares of Driven Brands from $18.00 to $14.00 and set an overweight rating for the company in a research report on Friday. Finally, Royal Bank of Canada lowered their price target on Driven Brands from $20.00 to $17.00 and set an outperform rating on the stock in a research report on Monday, February 26th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $17.94.

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.