Driven Brands (NASDAQ:DRVN) Sets New 12-Month High - Here's What Happened

Shares of Driven Brands Holdings Inc. (NASDAQ:DRVN - Get Free Report) reached a new 52-week high on Wednesday . The stock traded as high as $16.87 and last traded at $16.85, with a volume of 16359 shares traded. The stock had previously closed at $16.72.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Piper Sandler restated an "overweight" rating and set a $17.00 target price (up previously from $14.00) on shares of Driven Brands in a research note on Friday, August 2nd. Royal Bank of Canada boosted their price objective on Driven Brands from $17.00 to $20.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. The Goldman Sachs Group boosted their price objective on Driven Brands from $14.00 to $16.00 and gave the company a "neutral" rating in a research note on Friday, August 2nd. Robert W. Baird boosted their price objective on Driven Brands from $17.00 to $18.00 and gave the company an "outperform" rating in a research note on Friday, August 2nd. Finally, Benchmark reiterated a "buy" rating and issued a $20.00 price objective on shares of Driven Brands in a research note on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $17.45.

Driven Brands Stock Performance

The stock has a fifty day moving average price of $14.57 and a 200-day moving average price of $13.27. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 419.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.11. The company has a quick ratio of 1.72, a current ratio of 1.90 and a debt-to-equity ratio of 2.84.

Driven Brands (NASDAQ:DRVN - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.04. Driven Brands had a return on equity of 14.86% and a net margin of 0.27%. The firm had revenue of $591.70 million for the quarter, compared to analyst estimates of $598.49 million. During the same quarter in the prior year, the company posted $0.19 earnings per share. Driven Brands's quarterly revenue was up 1.8% on a year-over-year basis. On average, analysts expect that Driven Brands Holdings Inc. will post 0.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC purchased a new stake in Driven Brands during the first quarter worth $26,000. Innealta Capital LLC purchased a new stake in Driven Brands during the second quarter worth $86,000. nVerses Capital LLC purchased a new stake in Driven Brands during the third quarter worth $86,000. Townsquare Capital LLC purchased a new stake in Driven Brands during the third quarter worth $153,000. Finally, Bleakley Financial Group LLC purchased a new stake in Driven Brands during the third quarter worth $171,000. Institutional investors and hedge funds own 77.08% of the company's stock.

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.