Diametric Capital LP Cuts Stake in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Diametric Capital LP cut its holdings in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 77.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,687 shares of the company’s stock after selling 39,151 shares during the quarter. Diametric Capital LP’s holdings in Driven Brands were worth $189,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Alliancebernstein L.P. raised its holdings in shares of Driven Brands by 8.5% in the 4th quarter. Alliancebernstein L.P. now owns 78,731 shares of the company’s stock valued at $1,271,000 after purchasing an additional 6,200 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Driven Brands by 687.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 114,327 shares of the company’s stock worth $1,845,000 after buying an additional 99,811 shares during the period. Norges Bank bought a new stake in Driven Brands during the 4th quarter valued at $1,742,000. Vanguard Group Inc. increased its holdings in shares of Driven Brands by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 5,708,430 shares of the company’s stock valued at $92,134,000 after acquiring an additional 31,431 shares during the period. Finally, LPL Financial LLC bought a new position in Driven Brands in the fourth quarter worth about $178,000. 77.08% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Driven Brands from $14.50 to $17.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. Robert W. Baird set a $25.00 price target on Driven Brands in a research report on Thursday, March 13th. Canaccord Genuity Group raised their price objective on Driven Brands from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. BMO Capital Markets upped their target price on Driven Brands from $15.00 to $16.00 and gave the company a “market perform” rating in a research report on Wednesday, February 26th. Finally, Piper Sandler boosted their price target on Driven Brands from $19.00 to $22.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Driven Brands currently has a consensus rating of “Moderate Buy” and an average price target of $20.30.

Driven Brands Trading Up 3.4 %

Shares of NASDAQ:DRVN opened at $17.31 on Thursday. The company has a quick ratio of 1.72, a current ratio of 1.90 and a debt-to-equity ratio of 2.84. Driven Brands Holdings Inc. has a 52-week low of $10.59 and a 52-week high of $18.01. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 432.75, a PEG ratio of 0.79 and a beta of 1.13. The business has a 50-day moving average price of $16.55 and a 200-day moving average price of $15.92.

Driven Brands (NASDAQ:DRVN) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.13. The company had revenue of $564.12 million during the quarter, compared to analyst estimates of $572.95 million. Driven Brands had a net margin of 0.27% and a return on equity of 14.86%. Driven Brands’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted $0.19 EPS. Equities analysts predict that Driven Brands Holdings Inc. will post 0.85 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.