Edgestream Partners L.P. Buys New Position in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Edgestream Partners L.P. bought a new position in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 64,113 shares of the company’s stock, valued at approximately $816,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new stake in shares of Driven Brands in the 1st quarter worth approximately $26,000. GAMMA Investing LLC grew its position in Driven Brands by 49.3% in the first quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock worth $43,000 after buying an additional 904 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Driven Brands by 579.2% in the fourth quarter. Parallel Advisors LLC now owns 3,437 shares of the company’s stock valued at $49,000 after buying an additional 2,931 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Driven Brands during the 2nd quarter valued at $86,000. Finally, Wedmont Private Capital bought a new stake in shares of Driven Brands during the 1st quarter worth $159,000. 77.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DRVN. BMO Capital Markets began coverage on Driven Brands in a research report on Monday, July 22nd. They set a “market perform” rating and a $14.00 target price on the stock. Piper Sandler reiterated an “overweight” rating and issued a $17.00 target price (up from $14.00) on shares of Driven Brands in a report on Friday, August 2nd. The Goldman Sachs Group lifted their target price on shares of Driven Brands from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Canaccord Genuity Group upped their price target on shares of Driven Brands from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Royal Bank of Canada lifted their price objective on shares of Driven Brands from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Four analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $16.95.

Driven Brands Price Performance

Shares of NASDAQ:DRVN opened at $14.84 on Friday. The business has a fifty day simple moving average of $13.73 and a 200 day simple moving average of $13.33. The company has a current ratio of 2.11, a quick ratio of 1.91 and a debt-to-equity ratio of 3.03. Driven Brands Holdings Inc. has a 1 year low of $10.59 and a 1 year high of $16.00. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of -3.18, a P/E/G ratio of 0.82 and a beta of 1.13.

Driven Brands (NASDAQ:DRVN) last announced its earnings results on Thursday, August 1st. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.07. The business had revenue of $611.60 million for the quarter, compared to analyst estimates of $628.34 million. Driven Brands had a negative net margin of 33.56% and a positive return on equity of 15.12%. Driven Brands’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.27 earnings per share. As a group, sell-side analysts predict that Driven Brands Holdings Inc. will post 0.88 earnings per share for the current fiscal 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.