Driven Brands (NASDAQ:DRVN) Issues FY24 Earnings Guidance

Driven Brands (NASDAQ:DRVN) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.88-1.00 for the period, compared to the consensus earnings per share estimate of $0.95. The company issued revenue guidance of $2.35-2.45 billion, compared to the consensus revenue estimate of $2.43 billion.

Analyst Upgrades and Downgrades

DRVN has been the subject of several research analyst reports. The Goldman Sachs Group cut their target price on shares of Driven Brands from $16.00 to $14.00 and set a neutral rating for the company in a research note on Friday. Morgan Stanley cut Driven Brands from an overweight rating to an equal weight rating and reduced their target price for the stock from $22.00 to $14.00 in a report on Tuesday, January 16th. Piper Sandler dropped their price target on Driven Brands from $18.00 to $14.00 and set an overweight rating for the company in a research note on Friday. Canaccord Genuity Group reduced their price objective on Driven Brands from $21.00 to $17.00 and set a buy rating on the stock in a research note on Friday. Finally, Royal Bank of Canada lowered their target price on Driven Brands from $20.00 to $17.00 and set an outperform rating for the company in a research report on Monday, February 26th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $17.94.

Driven Brands Stock Performance

Shares of DRVN traded down $0.10 during midday trading on Friday, hitting $11.59. The stock had a trading volume of 2,840,752 shares, compared to its average volume of 1,442,472. Driven Brands has a 1 year low of $10.59 and a 1 year high of $29.88. The stock’s 50 day moving average is $14.55 and its 200 day moving average is $13.54. The company has a current ratio of 1.92, a quick ratio of 1.73 and a debt-to-equity ratio of 3.21.

Driven Brands (NASDAQ:DRVN) last released its earnings results on Thursday, February 22nd. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.03. Driven Brands had a positive return on equity of 11.38% and a negative net margin of 33.30%. The firm had revenue of $553.70 million for the quarter, compared to analysts’ expectations of $572.92 million. During the same quarter in the prior year, the firm posted $0.22 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. Research analysts anticipate that Driven Brands will post 0.88 earnings per share 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. 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.