Picton Mahoney Asset Management Takes Position in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Picton Mahoney Asset Management purchased a new position in Driven Brands Holdings Inc. (NASDAQ:DRVN) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 28,962 shares of the company’s stock, valued at approximately $413,000.

Several other hedge funds have also recently bought and sold shares of DRVN. PNC Financial Services Group Inc. grew its holdings in Driven Brands by 877.7% in 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. Lindbrook Capital LLC grew its stake in Driven Brands by 126.9% in the 4th quarter. Lindbrook Capital LLC now owns 2,850 shares of the company’s stock valued at $41,000 after acquiring an additional 1,594 shares during the last quarter. Signaturefd LLC increased its holdings in Driven Brands by 6,787.0% during the 3rd quarter. Signaturefd LLC now owns 6,887 shares of the company’s stock valued at $87,000 after acquiring an additional 6,787 shares in the last quarter. Quent Capital LLC raised its position in Driven Brands by 17.1% during the fourth quarter. Quent Capital LLC now owns 8,921 shares of the company’s stock worth $127,000 after acquiring an additional 1,304 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Driven Brands by 27.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,391 shares of the company’s stock valued at $131,000 after purchasing an additional 2,259 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Driven Brands Price Performance

Driven Brands stock opened at $11.23 on Thursday. Driven Brands Holdings Inc. has a 1 year low of $10.59 and a 1 year high of $28.51. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.73 and a current ratio of 1.92. The firm has a 50 day moving average price of $14.44 and a 200 day moving average price of $13.55. The company has a market cap of $1.84 billion, a price-to-earnings ratio of -2.41, a PEG ratio of 0.72 and a beta of 1.19.

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. The company had revenue of $553.70 million during the quarter, compared to analysts’ expectations of $572.92 million. Driven Brands had a negative net margin of 33.30% and a positive return on equity of 11.38%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.22 EPS. Sell-side analysts predict that Driven Brands Holdings Inc. will post 0.88 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on DRVN. JPMorgan Chase & Co. downgraded Driven Brands from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $18.00 to $12.50 in a research report on Friday, May 3rd. Canaccord Genuity Group cut their price target on Driven Brands from $21.00 to $17.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Royal Bank of Canada dropped their price objective 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. Piper Sandler cut their target price on shares of Driven Brands from $18.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Finally, Morgan Stanley cut shares of 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 research note on Tuesday, January 16th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.61.

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.