Driven Brands (NASDAQ:DRVN) Cut to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Driven Brands (NASDAQ:DRVN) from an overweight rating to a neutral rating in a report published on Friday morning, MarketBeat Ratings reports. They currently have $12.50 price objective on the stock, down from their prior price objective of $18.00.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley cut Driven Brands from an overweight rating to an equal weight rating and reduced their price target for the stock from $22.00 to $14.00 in a research note on Tuesday, January 16th. Canaccord Genuity Group boosted their target price on Driven Brands from $20.00 to $21.00 and gave the stock a buy rating in a report on Monday, March 18th. Piper Sandler dropped their target price on Driven Brands from $22.00 to $18.00 and set an overweight rating on the stock in a report on Monday, February 26th. Finally, Royal Bank of Canada dropped their target price on Driven Brands from $20.00 to $17.00 and set an outperform rating on the stock in a report on Monday, February 26th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Driven Brands has a consensus rating of Moderate Buy and a consensus price target of $17.94.

Driven Brands Price Performance

Shares of Driven Brands stock opened at $11.59 on Friday. The company has a debt-to-equity ratio of 3.21, a current ratio of 1.92 and a quick ratio of 1.73. The business’s 50 day simple moving average is $14.55 and its two-hundred day simple moving average is $13.56. The stock has a market capitalization of $1.90 billion, a P/E ratio of -2.49, a price-to-earnings-growth ratio of 0.72 and a beta of 1.19. Driven Brands has a one year low of $10.59 and a one year high of $29.88.

Driven Brands (NASDAQ:DRVN) last posted its earnings results 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 firm had revenue of $553.70 million for the quarter, compared to analysts’ expectations of $572.92 million. Driven Brands had a positive return on equity of 11.38% and a negative net margin of 33.30%. The business’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.22 earnings per share. Analysts forecast that Driven Brands will post 0.88 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of DRVN. GAMMA Investing LLC increased its position in Driven Brands by 49.3% in the first quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock worth $43,000 after buying an additional 904 shares in the last quarter. Quent Capital LLC increased its position in Driven Brands by 17.1% in the fourth quarter. Quent Capital LLC now owns 8,921 shares of the company’s stock worth $127,000 after buying an additional 1,304 shares in the last quarter. Swiss National Bank increased its position in Driven Brands by 1.0% in the third quarter. Swiss National Bank now owns 147,300 shares of the company’s stock worth $1,855,000 after buying an additional 1,500 shares in the last quarter. Lindbrook Capital LLC increased its position in Driven Brands by 126.9% in the fourth quarter. Lindbrook Capital LLC now owns 2,850 shares of the company’s stock worth $41,000 after buying an additional 1,594 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Driven Brands in the first quarter worth about $26,000. 77.08% of the stock is owned by institutional investors.

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.