Flax Pond Capital LLC Makes New Investment in Driven Brands Holdings Inc. $DRVN

Flax Pond Capital LLC purchased a new stake in Driven Brands Holdings Inc. (NASDAQ:DRVN) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 190,600 shares of the company’s stock, valued at approximately $2,825,000. Driven Brands makes up 2.1% of Flax Pond Capital LLC’s investment portfolio, making the stock its 21st biggest holding. Flax Pond Capital LLC owned about 0.12% of Driven Brands at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vident Advisory LLC boosted its stake in Driven Brands by 8.0% in the 4th quarter. Vident Advisory LLC now owns 19,620 shares of the company’s stock worth $291,000 after purchasing an additional 1,458 shares during the period. Tudor Investment Corp ET AL grew its holdings in Driven Brands by 212.9% during the 4th quarter. Tudor Investment Corp ET AL now owns 485,000 shares of the company’s stock valued at $7,188,000 after buying an additional 330,000 shares in the last quarter. Occudo Quantitative Strategies LP bought a new stake in shares of Driven Brands during the fourth quarter valued at about $525,000. One Fin Capital Management LP increased its position in shares of Driven Brands by 3.1% during the fourth quarter. One Fin Capital Management LP now owns 1,640,000 shares of the company’s stock valued at $24,305,000 after buying an additional 50,000 shares during the period. Finally, Millennium Management LLC lifted its holdings in shares of Driven Brands by 51.3% in the fourth quarter. Millennium Management LLC now owns 1,263,464 shares of the company’s stock worth $18,725,000 after buying an additional 428,499 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on DRVN. Piper Sandler raised their price objective on shares of Driven Brands from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, May 20th. Weiss Ratings raised shares of Driven Brands from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, June 12th. Morgan Stanley lowered their target price on shares of Driven Brands from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 20th. BTIG Research reissued a “buy” rating and issued a $17.00 price target on shares of Driven Brands in a report on Friday, June 12th. Finally, BMO Capital Markets reduced their price target on shares of Driven Brands from $18.00 to $14.00 and set a “market perform” rating for the company in a research report on Thursday, May 21st. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.18.

Driven Brands Stock Performance

NASDAQ:DRVN opened at $12.68 on Friday. The stock has a market cap of $2.09 billion, a P/E ratio of 11.32 and a beta of 0.97. The company has a quick ratio of 1.25, a current ratio of 1.38 and a debt-to-equity ratio of 2.08. The business’s 50-day moving average price is $13.19 and its two-hundred day moving average price is $13.87. Driven Brands Holdings Inc. has a twelve month low of $9.80 and a twelve month high of $19.74.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings data on Thursday, June 11th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.24 by $0.06. The company had revenue of $484.44 million during the quarter, compared to analyst estimates of $480.84 million. Driven Brands had a return on equity of 25.70% and a net margin of 9.08%.Driven Brands’s revenue was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.27 earnings per share. As a group, equities analysts predict that Driven Brands Holdings Inc. will post 1.05 EPS for the current fiscal year.

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.