Treasurer of the State of North Carolina lifted its stake in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN – Get Rating) by 14.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,000 shares of the company’s stock after purchasing an additional 3,350 shares during the period. Treasurer of the State of North Carolina’s holdings in Driven Brands were worth $737,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. MetLife Investment Management LLC purchased a new stake in Driven Brands during the first quarter valued at about $28,000. Belpointe Asset Management LLC purchased a new position in Driven Brands during the 4th quarter worth approximately $39,000. Tower Research Capital LLC TRC raised its stake in Driven Brands by 54.8% during the 3rd quarter. Tower Research Capital LLC TRC now owns 1,560 shares of the company’s stock valued at $44,000 after purchasing an additional 552 shares during the period. Sandia Investment Management LP purchased a new stake in shares of Driven Brands in the third quarter valued at $84,000. Finally, Covestor Ltd grew its holdings in shares of Driven Brands by 1,790.0% during the first quarter. Covestor Ltd now owns 3,780 shares of the company’s stock valued at $99,000 after buying an additional 3,580 shares in the last quarter. Institutional investors and hedge funds own 38.19% of the company’s stock.
Driven Brands Stock Down 2.6 %
DRVN opened at $26.38 on Monday. The firm has a market cap of $4.42 billion, a P/E ratio of 119.91, a price-to-earnings-growth ratio of 3.92 and a beta of 0.81. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.99 and a current ratio of 1.14. The business has a 50 day moving average price of $29.17 and a 200 day moving average price of $28.90. Driven Brands Holdings Inc. has a twelve month low of $25.22 and a twelve month high of $35.45.
Analysts Set New Price Targets
Several brokerages recently issued reports on DRVN. Piper Sandler reduced their price objective on Driven Brands from $41.00 to $40.00 in a research note on Friday, February 17th. Canaccord Genuity Group began coverage on shares of Driven Brands in a report on Thursday, March 30th. They set a “buy” rating and a $41.00 price target for the company. Barclays initiated coverage on shares of Driven Brands in a research report on Tuesday, February 7th. They issued an “overweight” rating and a $35.00 target price for the company. Credit Suisse Group reissued a “neutral” rating and set a $31.00 target price on shares of Driven Brands in a research note on Thursday, February 23rd. Finally, Stifel Nicolaus dropped their price target on shares of Driven Brands from $45.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, February 27th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.56.
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. The company offers various services, such as paint, collision, glass, vehicle repair, car wash, oil change, and maintenance services.
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