Driven Brands (NASDAQ:DRVN) Updates FY24 Earnings Guidance

Driven Brands (NASDAQ:DRVN) issued an update on its FY24 earnings guidance on Thursday morning. 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.

Analyst Upgrades and Downgrades

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

Driven Brands Price Performance

NASDAQ:DRVN traded down $0.10 during midday 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. Driven Brands has a 1-year low of $10.59 and a 1-year high of $29.88. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.73 and a current ratio of 1.92. The firm’s fifty day simple moving average is $14.55 and its 200-day simple moving average is $13.54.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings results 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. Driven Brands had a positive return on equity of 11.38% and a negative net margin of 33.30%. The company had revenue of $553.70 million for the quarter, compared to the consensus estimate of $572.92 million. During the same period last year, the business posted $0.22 earnings per share. The firm’s revenue was up 2.6% compared to the same quarter last year. As a group, research analysts anticipate that Driven Brands will post 0.88 earnings per share for the current year.

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.