Driven Brands Holdings Inc. (NASDAQ:DRVN – Get Rating) shares shot up 3.1% on Monday after Piper Sandler raised their price target on the stock from $40.00 to $41.00. Piper Sandler currently has an overweight rating on the stock. Driven Brands traded as high as $30.29 and last traded at $30.13. 5,054 shares were traded during mid-day trading, a decline of 99% from the average session volume of 502,950 shares. The stock had previously closed at $29.22.
Separately, Morgan Stanley raised their price objective on shares of Driven Brands from $37.00 to $38.00 and gave the company an “overweight” rating in a research report on Monday, August 1st.
Insider Buying and Selling at Driven Brands
In other Driven Brands news, EVP Michael G. Macaluso sold 16,000 shares of Driven Brands stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $31.46, for a total transaction of $503,360.00. Following the completion of the sale, the executive vice president now directly owns 318,094 shares in the company, valued at $10,007,237.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, major shareholder Rc Iv Cayman Icw Holdings Llc sold 2,257,203 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $32.19, for a total value of $72,659,364.57. Following the completion of the sale, the insider now directly owns 14,056,415 shares in the company, valued at approximately $452,475,998.85. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Michael G. Macaluso sold 16,000 shares of the business’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $31.46, for a total transaction of $503,360.00. Following the completion of the sale, the executive vice president now owns 318,094 shares of the company’s stock, valued at $10,007,237.24. The disclosure for this sale can be found here. Insiders sold a total of 9,273,203 shares of company stock worth $298,492,725 over the last three months. 2.60% of the stock is owned by insiders.
Institutional Investors Weigh In On Driven Brands
A number of hedge funds have recently made changes to their positions in the business. Deutsche Bank AG increased its stake in shares of Driven Brands by 0.3% in the second quarter. Deutsche Bank AG now owns 122,167 shares of the company’s stock worth $3,364,000 after buying an additional 369 shares during the period. Teacher Retirement System of Texas increased its position in Driven Brands by 6.3% during the 1st quarter. Teacher Retirement System of Texas now owns 10,280 shares of the company’s stock valued at $270,000 after purchasing an additional 611 shares during the period. Legal & General Group Plc increased its position in Driven Brands by 1.6% during the 2nd quarter. Legal & General Group Plc now owns 40,032 shares of the company’s stock valued at $1,103,000 after purchasing an additional 637 shares during the period. Victory Capital Management Inc. increased its position in Driven Brands by 15.2% during the 1st quarter. Victory Capital Management Inc. now owns 7,577 shares of the company’s stock valued at $211,000 after purchasing an additional 1,002 shares during the period. Finally, Citigroup Inc. increased its position in Driven Brands by 18.6% during the 1st quarter. Citigroup Inc. now owns 6,598 shares of the company’s stock valued at $173,000 after purchasing an additional 1,034 shares during the period. 33.09% of the stock is currently owned by institutional investors.
Driven Brands Trading Up 2.8 %
The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.02 and a current ratio of 1.14. The stock’s 50-day simple moving average is $31.48 and its 200-day simple moving average is $29.00. The firm has a market capitalization of $5.03 billion, a PE ratio of -167.82, a P/E/G ratio of 1.38 and a beta of 0.67.
Driven Brands (NASDAQ:DRVN – Get Rating) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. Driven Brands had a negative net margin of 1.62% and a positive return on equity of 10.64%. The business had revenue of $508.60 million for the quarter, compared to the consensus estimate of $480.37 million. During the same period in the previous year, the firm earned $0.25 EPS. The company’s quarterly revenue was up 35.7% compared to the same quarter last year. As a group, sell-side analysts expect that Driven Brands Holdings Inc. will post 1.12 EPS for the current fiscal year.
About Driven Brands
Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. The company offers various services, such as paint, collision, glass, vehicle repair, car wash, oil change, and maintenance services.