Driven Brands (NASDAQ:DRVN) Shares Gap Down – Here’s What Happened

Driven Brands Holdings Inc. (NASDAQ:DRVN) shares gapped down prior to trading on Tuesday . The stock had previously closed at $15.32, but opened at $14.52. Driven Brands shares last traded at $14.77, with a volume of 118,298 shares changing hands.

Analyst Upgrades and Downgrades

DRVN has been the subject of several research analyst reports. Canaccord Genuity Group upped their price target on shares of Driven Brands from $20.00 to $21.00 and gave the company a “buy” rating in a report on Friday, November 1st. Royal Bank of Canada increased their target price on Driven Brands from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Stifel Nicolaus upped their price objective on Driven Brands from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.25.

Driven Brands Price Performance

The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of 390.85, a price-to-earnings-growth ratio of 0.79 and a beta of 1.15. The business has a fifty day moving average of $16.02 and a two-hundred day moving average of $15.36. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.72 and a current ratio of 1.90.

Institutional Investors Weigh In On Driven Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its position in Driven Brands by 600.5% during the 4th quarter. Blue Trust Inc. now owns 9,198 shares of the company’s stock worth $148,000 after acquiring an additional 7,885 shares during the last quarter. Townsquare Capital LLC acquired a new stake in shares of Driven Brands during the 3rd quarter worth approximately $153,000. LPL Financial LLC acquired a new position in shares of Driven Brands during the fourth quarter valued at about $178,000. BNP Paribas Financial Markets acquired a new stake in Driven Brands in the fourth quarter valued at approximately $205,000. Finally, SBI Securities Co. Ltd. bought a new stake in Driven Brands during the 4th quarter valued at $215,000. 77.08% of the stock is currently 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.