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.

Driven Brands Trading Down 0.9 %

Shares of Driven Brands stock traded down $0.10 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. Driven Brands has a 1 year low of $10.59 and a 1 year high of $29.88. The stock has a 50 day moving average of $14.55 and a 200-day moving average of $13.54. 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 (NASDAQ:DRVN) last issued its quarterly earnings results on Thursday, February 22nd. The company reported $0.19 EPS 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 company had revenue of $553.70 million during 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. Driven Brands’s revenue was up 2.6% on a year-over-year basis. On average, equities analysts forecast that Driven Brands will post 0.88 EPS for the current fiscal year.

Analyst Ratings Changes

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

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.