Principal Financial Group Inc. Sells 113,367 Shares of Driven Brands Holdings Inc. $DRVN

Principal Financial Group Inc. cut its stake in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) by 64.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 62,482 shares of the company’s stock after selling 113,367 shares during the period. Principal Financial Group Inc.’s holdings in Driven Brands were worth $1,007,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the stock. AlphaQuest LLC boosted its holdings in shares of Driven Brands by 96.8% in the 3rd quarter. AlphaQuest LLC now owns 22,133 shares of the company’s stock valued at $357,000 after buying an additional 10,887 shares during the last quarter. AustralianSuper Pty Ltd bought a new stake in Driven Brands during the third quarter worth $44,645,000. Federated Hermes Inc. acquired a new stake in Driven Brands in the third quarter valued at $108,000. Inscription Capital LLC bought a new position in shares of Driven Brands in the 3rd quarter valued at about $623,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Driven Brands during the 3rd quarter worth about $150,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

Driven Brands Stock Performance

Shares of NASDAQ DRVN opened at $17.09 on Thursday. 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 has a market cap of $2.81 billion, a price-to-earnings ratio of -13.78, a P/E/G ratio of 1.20 and a beta of 1.04. The stock’s fifty day moving average price is $15.68 and its two-hundred day moving average price is $15.90. Driven Brands Holdings Inc. has a one year low of $13.44 and a one year high of $19.74.

Insider Buying and Selling

In other Driven Brands news, insider Scott L. O’melia sold 46,875 shares of Driven Brands stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $16.00, for a total value of $750,000.00. Following the completion of the sale, the insider owned 326,944 shares in the company, valued at $5,231,104. The trade was a 12.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.50% of the company’s stock.

Analyst Upgrades and Downgrades

DRVN has been the subject of several recent analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Driven Brands in a research note on Monday, December 29th. Stifel Nicolaus set a $23.00 price objective on Driven Brands in a research report on Monday, November 17th. Wall Street Zen downgraded Driven Brands from a “buy” rating to a “hold” rating in a research note on Saturday, December 13th. Piper Sandler dropped their price target on Driven Brands from $22.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, October 24th. Finally, William Blair raised Driven Brands from a “market perform” rating to an “outperform” rating in a report on Wednesday, December 3rd. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $20.80.

Driven Brands Profile

Driven Brands Holdings Inc (NASDAQ: DRVN) is a leading North American provider of automotive aftermarket services, operating through a network of franchised and company-owned locations. The company’s platform encompasses a diverse portfolio of car care and maintenance brands, including Meineke Car Care Centers, Maaco Collision Repair & Auto Painting, Take 5 Oil Change, and Carstar Collision Repair. Driven Brands delivers a full range of services from routine maintenance and oil changes to collision repair, paint protection, and vehicle customization.

Headquartered in Charlotte, North Carolina, Driven Brands serves both individual consumers and commercial clients across the United States and Canada.