Geode Capital Management LLC Increases Position in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Geode Capital Management LLC grew its stake in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 1.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,511,230 shares of the company’s stock after acquiring an additional 19,681 shares during the quarter. Geode Capital Management LLC owned about 0.92% of Driven Brands worth $21,570,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in DRVN. Scopia Capital Management LP purchased a new position in shares of Driven Brands in the 3rd quarter valued at $16,890,000. Marshall Wace LLP increased its holdings in shares of Driven Brands by 516.2% in the 2nd quarter. Marshall Wace LLP now owns 612,436 shares of the company’s stock valued at $7,796,000 after acquiring an additional 513,045 shares during the period. Bamco Inc. NY increased its holdings in shares of Driven Brands by 16.7% in the 3rd quarter. Bamco Inc. NY now owns 3,500,000 shares of the company’s stock valued at $49,945,000 after acquiring an additional 500,000 shares during the period. AQR Capital Management LLC increased its holdings in shares of Driven Brands by 79.9% in the 2nd quarter. AQR Capital Management LLC now owns 929,073 shares of the company’s stock valued at $11,483,000 after acquiring an additional 412,547 shares during the period. Finally, HG Vora Capital Management LLC increased its holdings in shares of Driven Brands by 4.9% in the 3rd quarter. HG Vora Capital Management LLC now owns 7,550,000 shares of the company’s stock valued at $107,738,000 after acquiring an additional 350,000 shares during the period. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Driven Brands Trading Down 1.0 %

DRVN opened at $16.22 on Friday. Driven Brands Holdings Inc. has a one year low of $10.59 and a one year high of $17.45. The stock has a market capitalization of $2.66 billion, a PE ratio of 405.50, a P/E/G ratio of 1.14 and a beta of 1.15. The business’s 50 day moving average price is $16.10 and its 200 day moving average price is $14.39. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.72 and a current ratio of 1.90.

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

Wall Street Analyst Weigh In

DRVN has been the subject of a number of recent analyst reports. Canaccord Genuity Group raised their price objective on Driven Brands from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Royal Bank of Canada raised their price objective on Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Stifel Nicolaus raised their price objective on Driven Brands from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.86.

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.