AustralianSuper Pty Ltd Buys New Position in Driven Brands Holdings Inc. $DRVN

AustralianSuper Pty Ltd purchased a new position in Driven Brands Holdings Inc. (NASDAQ:DRVN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,771,251 shares of the company’s stock, valued at approximately $44,645,000. AustralianSuper Pty Ltd owned 1.69% of Driven Brands at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Osaic Holdings Inc. raised its holdings in Driven Brands by 82.1% in the 2nd quarter. Osaic Holdings Inc. now owns 2,087 shares of the company’s stock worth $37,000 after purchasing an additional 941 shares during the period. EverSource Wealth Advisors LLC increased its position in Driven Brands by 744.6% in the second quarter. EverSource Wealth Advisors LLC now owns 2,103 shares of the company’s stock worth $37,000 after buying an additional 1,854 shares in the last quarter. Farther Finance Advisors LLC increased its position in Driven Brands by 1,113.8% in the third quarter. Farther Finance Advisors LLC now owns 3,338 shares of the company’s stock worth $54,000 after buying an additional 3,063 shares in the last quarter. Versant Capital Management Inc bought a new position in shares of Driven Brands in the third quarter worth about $84,000. Finally, Federated Hermes Inc. purchased a new position in shares of Driven Brands during the 3rd quarter valued at about $108,000. Institutional investors own 77.08% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on DRVN shares. Wall Street Zen lowered shares of Driven Brands from a “buy” rating to a “hold” rating in a report on Saturday, December 13th. Weiss Ratings reissued a “sell (d)” rating on shares of Driven Brands in a research note on Monday, December 29th. JPMorgan Chase & Co. lowered their target price on shares of Driven Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 12th. Stifel Nicolaus set a $23.00 target price on shares of Driven Brands in a report on Monday, November 17th. Finally, Morgan Stanley decreased their price target on Driven Brands from $20.00 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, January 15th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $20.80.

Driven Brands Trading Down 2.0%

Shares of DRVN stock opened at $16.74 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.80 and a debt-to-equity ratio of 2.44. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of -13.50, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. Driven Brands Holdings Inc. has a 12-month low of $13.44 and a 12-month high of $19.74. The stock’s 50-day moving average price is $15.77 and its 200-day moving average price is $15.88.

Insider Activity

In other news, insider Scott L. O’melia sold 46,875 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $16.00, for a total transaction of $750,000.00. Following the completion of the transaction, the insider directly owned 326,944 shares in the company, valued at approximately $5,231,104. This represents a 12.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

Driven Brands Company 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.