Driven Brands Holdings Inc (NASDAQ:DRVN) Shares Up 10.1% Following Better-Than-Expected Earnings
Shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) were up 10.1% during trading on Monday following a better than expected earnings announcement. The stock traded as high as $11.85 and last traded at $11.8350. Approximately 2,511,345 shares were traded during trading, an increase of 49% from the average daily volume of 1,685,997 shares. The stock had previously closed at $10.75.
The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.01. Driven Brands had a positive return on equity of 25.31% and a negative net margin of 9.14%.The company had revenue of $457.33 million during the quarter, compared to the consensus estimate of $459.50 million. During the same quarter in the prior year, the company earned $0.30 earnings per share.
Analyst Ratings and Price Targets
DRVN has been the subject of several research analyst reports. BTIG Research reaffirmed a “buy” rating and issued a $21.00 target price on shares of Driven Brands in a research report on Thursday, January 8th. Zacks Research raised shares of Driven Brands from a “strong sell” rating to a “hold” rating in a research note on Thursday. Morgan Stanley lowered their price objective on shares of Driven Brands from $20.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, January 15th.Wall Street Zencut Driven Brands from a “buy” rating to a “hold” rating in a research report on Saturday, December 13th. Finally, Piper Sandler downgraded Driven Brands from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $19.00 to $12.00 in a report on Wednesday, February 25th. Five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Driven Brands presently has an average rating of “Hold” and an average target price of $20.00.
For more information on how to analyze the stock market and make informed investment decisions, check out our latest research report on DRVN stock news.
Insider Transactions and Institutional Investors
In related news, insider Scott L. O’melia sold 46,875 shares of the 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 transaction, the insider directly owned 326,944 shares in the company, valued at $5,231,104. This trade represents a 12.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of DRVN. Lazard Asset Management LLC increased its stake in shares of Driven Brands by 0.3% during the second quarter. Lazard Asset Management LLC now owns 216,423 shares of the company’s stock valued at $3,800,000 after purchasing an additional 682 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Driven Brands by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 10,917 shares of the company’s stock worth $162,000 after purchasing an additional 701 shares in the last quarter. Handelsbanken Fonder AB grew its stake in shares of Driven Brands by 2.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 30,900 shares of the company’s stock worth $543,000 after buying an additional 800 shares during the last quarter. Mariner LLC increased its position in Driven Brands by 1.1% during the 4th quarter. Mariner LLC now owns 71,736 shares of the company’s stock valued at $1,063,000 after buying an additional 812 shares in the last quarter. Finally, Osaic Holdings Inc. increased its position in Driven Brands by 82.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,087 shares of the company’s stock valued at $37,000 after buying an additional 941 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.
Company Overview and Services
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. For more information on automotive aftermarket services and how to invest in the industry, check out our latest research report.