Driven Brands (NASDAQ:DRVN) Given New $38.00 Price Target at Morgan Stanley

Driven Brands (NASDAQ:DRVN – Get Rating) had its price objective increased by Morgan Stanley from $37.00 to $38.00 in a research note released on Monday morning, Stock Target Advisor reports. They currently have an overweight rating on the stock.

Driven Brands Stock Up 2.3 %

Shares of NASDAQ DRVN opened at $31.08 on Monday. Driven Brands has a 52-week low of $24.62 and a 52-week high of $34.62. The firm has a fifty day moving average of $28.40 and a 200-day moving average of $27.98. The stock has a market capitalization of $5.21 billion, a PE ratio of -172.66, a P/E/G ratio of 1.55 and a beta of 0.63. The company has a quick ratio of 1.15, a current ratio of 1.27 and a debt-to-equity ratio of 1.41.

Driven Brands (NASDAQ:DRVN – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The company had revenue of $508.60 million during the quarter, compared to analysts’ expectations of $480.37 million. Driven Brands had a negative net margin of 1.62% and a positive return on equity of 10.50%. The firm’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.25 EPS. On average, analysts anticipate that Driven Brands will post 1.18 EPS for the current year.

Institutional Investors Weigh In On Driven Brands

Hedge funds have recently made changes to their positions in the company. MetLife Investment Management LLC bought a new position in shares of Driven Brands during the 1st quarter valued at $28,000. James Investment Research Inc. acquired a new stake in Driven Brands in the 2nd quarter worth $44,000. Covestor Ltd boosted its position in shares of Driven Brands by 1,790.0% during the 1st quarter. Covestor Ltd now owns 3,780 shares of the company’s stock valued at $99,000 after acquiring an additional 3,580 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in Driven Brands during the 1st quarter valued at about $128,000. Finally, Citigroup Inc. lifted its holdings in Driven Brands by 18.6% during the 1st quarter. Citigroup Inc. now owns 6,598 shares of the company’s stock valued at $173,000 after purchasing an additional 1,034 shares during the last quarter. Hedge funds and other institutional investors own 74.43% of the company’s stock.

Driven Brands Company Profile

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Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. The company offers various services, such as paint, collision, glass, vehicle repair, car wash, oil change, and maintenance services.