Driven Brands Holdings Inc. (NASDAQ:DRVN) Shares Sold by Millennium Management LLC

Millennium Management LLC reduced its position in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) by 41.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,653,790 shares of the company’s stock after selling 2,552,224 shares during the period. Millennium Management LLC owned 2.23% of Driven Brands worth $46,513,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bamco Inc. NY increased its position in Driven Brands by 14.3% during the first quarter. Bamco Inc. NY now owns 2,000,000 shares of the company’s stock worth $31,580,000 after purchasing an additional 250,000 shares during the last quarter. AQR Capital Management LLC boosted its stake in Driven Brands by 79.9% during the second quarter. AQR Capital Management LLC now owns 929,073 shares of the company’s stock worth $11,483,000 after buying an additional 412,547 shares during the period. Hood River Capital Management LLC purchased a new position in Driven Brands during the first quarter worth about $13,323,000. Marshall Wace LLP boosted its stake in Driven Brands by 516.2% during the second quarter. Marshall Wace LLP now owns 612,436 shares of the company’s stock worth $7,796,000 after buying an additional 513,045 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Driven Brands by 5.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 354,542 shares of the company’s stock worth $5,056,000 after buying an additional 17,252 shares during the period. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Driven Brands Stock Up 1.6 %

Shares of NASDAQ:DRVN opened at $14.50 on Wednesday. The firm’s 50 day moving average price is $13.90 and its 200 day moving average price is $13.32. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of -3.11, a price-to-earnings-growth ratio of 0.89 and a beta of 1.13. Driven Brands Holdings Inc. has a fifty-two week low of $10.59 and a fifty-two week high of $16.00. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 3.03.

Driven Brands (NASDAQ:DRVN) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.07. Driven Brands had a negative net margin of 33.56% and a positive return on equity of 15.12%. The company had revenue of $611.60 million for the quarter, compared to analysts’ expectations of $628.34 million. During the same quarter last year, the company earned $0.27 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis. As a group, equities research analysts predict that Driven Brands Holdings Inc. will post 0.88 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on DRVN shares. Piper Sandler reissued an “overweight” rating and issued a $17.00 price objective (up previously from $14.00) on shares of Driven Brands in a research note on Friday, August 2nd. Canaccord Genuity Group raised their price objective on shares of Driven Brands from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Benchmark reissued a “buy” rating and issued a $20.00 price objective on shares of Driven Brands in a research note on Tuesday, August 20th. BMO Capital Markets started coverage on shares of Driven Brands in a research note on Monday, July 22nd. They issued a “market perform” rating and a $14.00 price objective for the company. Finally, Royal Bank of Canada raised their price objective on shares of Driven Brands from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Four investment 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.95.

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.