The Goldman Sachs Group Cuts Driven Brands (NASDAQ:DRVN) Price Target to $14.00

Driven Brands (NASDAQ:DRVN) had its target price decreased by The Goldman Sachs Group from $16.00 to $14.00 in a report published on Friday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. cut shares of Driven Brands from an overweight rating to a neutral rating and reduced their price target for the company from $18.00 to $12.50 in a research report on Friday. Royal Bank of Canada lowered their price target on Driven Brands from $20.00 to $17.00 and set an outperform rating for the company in a report on Monday, February 26th. Canaccord Genuity Group boosted their price objective on Driven Brands from $20.00 to $21.00 and gave the stock a buy rating in a research note on Monday, March 18th. Piper Sandler lowered their target price on Driven Brands from $18.00 to $14.00 and set an overweight rating for the company in a research note on Friday. Finally, Morgan Stanley cut Driven Brands from an overweight rating to an equal weight rating and decreased their price target for the stock from $22.00 to $14.00 in a report on Tuesday, January 16th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $17.94.

Driven Brands Price Performance

DRVN opened at $11.59 on Friday. Driven Brands has a 1 year low of $10.59 and a 1 year high of $29.88. The company’s 50 day simple moving average is $14.55 and its 200 day simple moving average is $13.56. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.92 and a quick ratio of 1.73.

Driven Brands (NASDAQ:DRVN) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.03. Driven Brands had a negative net margin of 33.30% and a positive return on equity of 11.38%. The company had revenue of $553.70 million during the quarter, compared to analysts’ expectations of $572.92 million. During the same period in the previous year, the company earned $0.22 EPS. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, equities analysts forecast that Driven Brands will post 0.88 EPS for the current year.

Hedge Funds Weigh In On Driven Brands

A number of hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Driven Brands during the 1st quarter valued at approximately $26,000. PNC Financial Services Group Inc. grew its holdings in shares of Driven Brands by 877.7% during the third quarter. PNC Financial Services Group Inc. now owns 2,679 shares of the company’s stock valued at $34,000 after purchasing an additional 2,405 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Driven Brands by 49.3% during the 1st quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock worth $43,000 after purchasing an additional 904 shares during the period. Lindbrook Capital LLC lifted its holdings in shares of Driven Brands by 126.9% in the 4th quarter. Lindbrook Capital LLC now owns 2,850 shares of the company’s stock worth $41,000 after purchasing an additional 1,594 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in Driven Brands by 579.2% during the 4th quarter. Parallel Advisors LLC now owns 3,437 shares of the company’s stock worth $49,000 after buying an additional 2,931 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

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. 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.