Geode Capital Management LLC Sells 4,257 Shares of Driven Brands Holdings Inc. $DRVN

Geode Capital Management LLC lessened its holdings in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) by 0.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,521,390 shares of the company’s stock after selling 4,257 shares during the quarter. Geode Capital Management LLC owned about 0.93% of Driven Brands worth $26,719,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Northern Trust Corp lifted its stake in shares of Driven Brands by 5.4% during the 1st quarter. Northern Trust Corp now owns 609,645 shares of the company’s stock valued at $10,449,000 after buying an additional 31,430 shares in the last quarter. Hennessy Advisors Inc. bought a new stake in Driven Brands during the 2nd quarter valued at $10,562,000. Nuveen LLC purchased a new stake in shares of Driven Brands during the first quarter worth $7,167,000. Landscape Capital Management L.L.C. lifted its position in shares of Driven Brands by 288.3% during the first quarter. Landscape Capital Management L.L.C. now owns 273,080 shares of the company’s stock worth $4,681,000 after acquiring an additional 202,747 shares in the last quarter. Finally, Ewing Morris & Co. Investment Partners Ltd. boosted its holdings in shares of Driven Brands by 22.0% in the first quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 218,867 shares of the company’s stock worth $3,751,000 after acquiring an additional 39,468 shares during the period. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Analyst Ratings Changes

DRVN has been the topic of a number of analyst reports. Canaccord Genuity Group reiterated a “buy” rating and set a $24.00 price objective on shares of Driven Brands in a research note on Thursday, September 18th. Piper Sandler decreased their price target on Driven Brands from $22.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, October 24th. Wall Street Zen upgraded shares of Driven Brands from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. BTIG Research reduced their price objective on shares of Driven Brands from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday, November 4th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Driven Brands in a research note on Monday. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Driven Brands currently has a consensus rating of “Hold” and a consensus target price of $21.22.

Driven Brands Trading Down 0.4%

Shares of DRVN opened at $14.61 on Friday. Driven Brands Holdings Inc. has a 1-year low of $13.44 and a 1-year high of $19.74. The company has a market capitalization of $2.40 billion, a P/E ratio of -11.78, a P/E/G ratio of 0.84 and a beta of 1.05. The company has a debt-to-equity ratio of 2.44, a current ratio of 0.90 and a quick ratio of 0.80. The firm’s 50 day simple moving average is $15.00 and its 200 day simple moving average is $16.70.

Driven Brands (NASDAQ:DRVN) last announced its quarterly earnings data on Wednesday, March 12th. The company reported $0.30 earnings per share (EPS) for the quarter. The company had revenue of $564.12 million during the quarter. Driven Brands had a negative net margin of 9.14% and a positive return on equity of 25.31%. Sell-side analysts forecast that Driven Brands Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

Insider Activity at Driven Brands

In related news, Director Jonathan G. Fitzpatrick sold 110,000 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $18.05, for a total value of $1,985,500.00. Following the sale, the director directly owned 2,279,453 shares of the company’s stock, valued at $41,144,126.65. This represents a 4.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.50% of the stock is currently owned by insiders.

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.