Driven Brands Holdings Inc. (NASDAQ:DRVN) Sees Large Decline in Short Interest

Driven Brands Holdings Inc. (NASDAQ:DRVN) was the target of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 4,340,000 shares, a decline of 6.9% from the March 15th total of 4,660,000 shares. Currently, 7.5% of the company’s stock are sold short. Based on an average daily trading volume, of 1,080,000 shares, the days-to-cover ratio is currently 4.0 days.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Man Group plc increased its position in Driven Brands by 1.0% in the 4th quarter. Man Group plc now owns 42,403 shares of the company’s stock worth $1,158,000 after buying an additional 439 shares during the period. Tower Research Capital LLC TRC increased its position in Driven Brands by 54.8% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,560 shares of the company’s stock worth $44,000 after buying an additional 552 shares during the period. Legal & General Group Plc increased its position in shares of Driven Brands by 1.6% during the second 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. Price T Rowe Associates Inc. MD increased its position in shares of Driven Brands by 8.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,680 shares of the company’s stock valued at $294,000 after purchasing an additional 740 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Driven Brands by 49.3% during the first quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock valued at $43,000 after purchasing an additional 904 shares during the period. 77.08% of the stock is owned by institutional investors.

Driven Brands Stock Up 1.2 %

Shares of DRVN stock opened at $14.57 on Thursday. The stock’s 50 day simple moving average is $14.48 and its 200 day simple moving average is $13.35. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.73 and a current ratio of 1.92. Driven Brands has a twelve month low of $10.60 and a twelve month high of $31.47. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of -3.22, a PEG ratio of 0.90 and a beta of 1.18.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings results on Thursday, February 22nd. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.16 by $0.03. The company had revenue of $553.70 million for the quarter, compared to the consensus estimate of $572.92 million. Driven Brands had a positive return on equity of 11.00% and a negative net margin of 32.33%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.22 EPS. As a group, research analysts predict that Driven Brands will post 0.89 EPS for the current year.

Analyst Ratings Changes

DRVN has been the subject of several research reports. Piper Sandler reduced their price target on Driven Brands from $22.00 to $18.00 and set an “overweight” rating for the company in a report on Monday, February 26th. Canaccord Genuity Group lifted their price target on Driven Brands from $20.00 to $21.00 and gave the company a “buy” rating in a report on Monday, March 18th. Royal Bank of Canada reduced 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. Morgan Stanley lowered Driven Brands from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $22.00 to $14.00 in a report on Tuesday, January 16th. Finally, JPMorgan Chase & Co. cut their price objective on Driven Brands from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 20th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.89.

Driven Brands Company Profile

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.