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

Fmr LLC reduced its stake in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 0.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,586,113 shares of the company’s stock after selling 15,979 shares during the quarter. Fmr LLC owned 1.58% of Driven Brands worth $36,904,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its position in shares of Driven Brands by 14.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,824 shares of the company’s stock worth $219,000 after buying an additional 1,758 shares during the period. SG Americas Securities LLC grew its position in Driven Brands by 396.7% in the 2nd quarter. SG Americas Securities LLC now owns 123,531 shares of the company’s stock valued at $1,573,000 after acquiring an additional 98,662 shares in the last quarter. Wedmont Private Capital increased its stake in Driven Brands by 255.8% during the second quarter. Wedmont Private Capital now owns 37,213 shares of the company’s stock worth $485,000 after purchasing an additional 26,755 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Driven Brands by 39.2% during the second quarter. Bank of New York Mellon Corp now owns 233,040 shares of the company’s stock worth $2,967,000 after purchasing an additional 65,567 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in shares of Driven Brands by 6.6% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 99,282 shares of the company’s stock valued at $1,264,000 after purchasing an additional 6,159 shares during the period. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on DRVN. Royal Bank of Canada increased their target price on shares of Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Stifel Nicolaus lifted their target price on Driven Brands from $20.00 to $22.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Canaccord Genuity Group increased their price target on Driven Brands from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Benchmark reissued a “buy” rating and set a $20.00 price objective on shares of Driven Brands in a research report on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.86.

Driven Brands Stock Performance

Shares of DRVN opened at $16.63 on Monday. The company has a current ratio of 1.90, a quick ratio of 1.72 and a debt-to-equity ratio of 2.84. The firm has a market cap of $2.73 billion, a PE ratio of 415.75, a price-to-earnings-growth ratio of 1.14 and a beta of 1.15. Driven Brands Holdings Inc. has a 12-month low of $10.59 and a 12-month high of $17.35. The company’s 50 day simple moving average is $15.43 and its 200-day simple moving average is $13.89.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. Driven Brands had a return on equity of 14.86% and a net margin of 0.27%. The firm had revenue of $591.70 million for the quarter, compared to analysts’ expectations of $598.49 million. During the same quarter in the previous year, the firm posted $0.19 EPS. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. As a group, equities analysts predict that Driven Brands Holdings Inc. will post 0.86 EPS for the current year.

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.