Driven Brands (NASDAQ:DRVN) Cut to “Hold” at Canaccord Genuity Group

Canaccord Genuity Group downgraded shares of Driven Brands (NASDAQ:DRVN) from a buy rating to a hold rating in a report published on Tuesday morning, MarketBeat Ratings reports. The firm currently has $12.00 price objective on the stock.

A number of other research firms have also weighed in on DRVN. Morgan Stanley set a $14.00 price objective on Driven Brands in a research note on Friday, August 7th. Wall Street Zen raised Driven Brands from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. UBS Group reissued a “buy” rating on shares of Driven Brands in a report on Thursday, September 10th. Weiss Ratings downgraded Driven Brands from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, September 28th. Finally, Barclays started coverage on Driven Brands in a research note on Tuesday, September 22nd. They issued an “equal weight” rating and a $14.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Driven Brands has a consensus rating of “Hold” and an average price target of $15.48.

Driven Brands Stock Performance

Shares of NASDAQ DRVN opened at $12.08 on Tuesday. The firm has a fifty day moving average price of $12.12 and a 200-day moving average price of $13.23. The company has a debt-to-equity ratio of 1.99, a current ratio of 1.47 and a quick ratio of 1.33. The stock has a market cap of $1.99 billion, a PE ratio of 11.62, a price-to-earnings-growth ratio of 2.59 and a beta of 0.91. Driven Brands has a 1 year low of $9.80 and a 1 year high of $17.30.

Driven Brands (NASDAQ:DRVN) last released its earnings results on Monday, July 27th. The company reported $0.29 earnings per share for the quarter. Driven Brands had a net margin of 8.61% and a return on equity of 24.13%. Equities analysts anticipate that Driven Brands will post 1.10 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Driven Brands

Several large investors have recently made changes to their positions in the company. Bfsg LLC lifted its position in shares of Driven Brands by 22.2% in the third quarter. Bfsg LLC now owns 10,094 shares of the company’s stock worth $119,000 after buying an additional 1,835 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in Driven Brands by 3,373.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 10,975 shares of the company’s stock valued at $163,000 after buying an additional 10,659 shares in the last quarter. Pictet Asset Management Holding SA purchased a new position in Driven Brands during the 1st quarter valued at approximately $159,000. Vise Technologies Inc. purchased a new position in Driven Brands during the 2nd quarter valued at approximately $248,000. Finally, Engineers Gate Manager LP bought a new stake in Driven Brands in the 2nd quarter worth approximately $310,000. 77.08% of the stock is owned by institutional investors.

About Driven Brands

Driven Brands Holdings Inc is an automotive services company that provides vehicle maintenance, repair, collision services and related products through a portfolio of franchised and company-operated brands. Its businesses serve both individual vehicle owners and commercial customers across a range of automotive aftermarket needs.

The company’s brands include Take 5 Oil Change, Meineke Car Care Centers, Maaco, 1-800-Radiator & A/C and Auto Glass Now. These brands provide services such as oil changes, routine maintenance, mechanical repair, paint and collision repair, replacement parts distribution and windshield repair and replacement.

Driven Brands was founded in 1972 and is headquartered in Charlotte, North Carolina.