Driven Brands Holdings Inc. (NASDAQ:DRVN) Sees Large Decline in Short Interest

Driven Brands Holdings Inc. (NASDAQ:DRVN) saw a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 4,340,000 shares, a drop of 6.9% from the March 15th total of 4,660,000 shares. Currently, 7.5% of the shares of the company are short sold. Based on an average daily trading volume, of 1,080,000 shares, the short-interest ratio is currently 4.0 days.

Analyst Upgrades and Downgrades

DRVN has been the subject of a number of recent analyst reports. Royal Bank of Canada cut their price objective on Driven Brands from $20.00 to $17.00 and set an “outperform” rating for the company in a research report on Monday, February 26th. Piper Sandler lowered their target price on Driven Brands from $22.00 to $18.00 and set an “overweight” rating on the stock in a research note on Monday, February 26th. Morgan Stanley lowered Driven Brands from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $22.00 to $14.00 in a research note on Tuesday, January 16th. JPMorgan Chase & Co. lowered their target price on Driven Brands from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 20th. Finally, Canaccord Genuity Group increased their target price on Driven Brands from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.89.

Driven Brands Price Performance

Driven Brands stock opened at $14.57 on Thursday. The stock’s fifty day moving average price is $14.48 and its two-hundred day moving average price is $13.35. Driven Brands has a one year low of $10.60 and a one year high of $31.47. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.92 and a quick ratio of 1.73. The firm has a market cap of $2.39 billion, a PE ratio of -3.22, a price-to-earnings-growth ratio of 0.90 and a beta of 1.18.

Driven Brands (NASDAQ:DRVN) last posted its quarterly earnings data on Thursday, February 22nd. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.03. Driven Brands had a positive return on equity of 11.00% and a negative net margin of 32.33%. The firm had revenue of $553.70 million for the quarter, compared to analyst estimates of $572.92 million. During the same quarter last year, the company earned $0.22 EPS. The company’s revenue was up 2.6% on a year-over-year basis. As a group, research analysts expect that Driven Brands will post 0.89 EPS for the current fiscal year.

Hedge Funds Weigh In On Driven Brands

A number of hedge funds have recently added to or reduced their stakes in DRVN. MetLife Investment Management LLC bought a new position in Driven Brands during the 1st quarter worth $28,000. PNC Financial Services Group Inc. increased its stake in shares of Driven Brands by 877.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,679 shares of the company’s stock valued at $34,000 after purchasing an additional 2,405 shares during the last quarter. Lindbrook Capital LLC increased its stake in shares of Driven Brands by 126.9% in the 4th quarter. Lindbrook Capital LLC now owns 2,850 shares of the company’s stock valued at $41,000 after purchasing an additional 1,594 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Driven Brands by 49.3% in the 1st quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock valued at $43,000 after purchasing an additional 904 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of Driven Brands by 54.8% in 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 last quarter. Institutional investors own 77.08% of the company’s stock.

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.