Edgestream Partners L.P. Raises Stake in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Edgestream Partners L.P. grew its holdings in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) by 247.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 222,525 shares of the company's stock after buying an additional 158,412 shares during the period. Edgestream Partners L.P. owned 0.14% of Driven Brands worth $3,175,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Scopia Capital Management LP acquired a new stake in Driven Brands in the 3rd quarter valued at about $16,890,000. PEAK6 Investments LLC purchased a new position in Driven Brands during the third quarter worth approximately $398,000. MetLife Investment Management LLC boosted its stake in Driven Brands by 129.1% during the third quarter. MetLife Investment Management LLC now owns 35,158 shares of the company's stock worth $502,000 after buying an additional 19,810 shares during the last quarter. Townsquare Capital LLC acquired a new position in Driven Brands during the third quarter worth $153,000. Finally, Millrace Asset Group Inc. acquired a new stake in shares of Driven Brands in the 3rd quarter worth $1,420,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

Driven Brands Stock Up 0.8 %

Shares of NASDAQ DRVN traded up $0.13 during midday trading on Monday, hitting $16.98. The company's stock had a trading volume of 501,034 shares, compared to its average volume of 1,049,124. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.90 and a quick ratio of 1.72. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 419.00, a price-to-earnings-growth ratio of 1.12 and a beta of 1.11. The business's fifty day simple moving average is $15.20 and its two-hundred day simple moving average is $13.68. Driven Brands Holdings Inc. has a 1 year low of $10.59 and a 1 year high of $17.35.

Driven Brands (NASDAQ:DRVN - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. Driven Brands had a net margin of 0.27% and a return on equity of 14.86%. The company had revenue of $591.70 million during the quarter, compared to analysts' expectations of $598.49 million. During the same quarter last year, the company posted $0.19 EPS. The firm's revenue was up 1.8% compared to the same quarter last year. On average, equities analysts predict that Driven Brands Holdings Inc. will post 0.86 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Canaccord Genuity Group upped their price objective 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. Benchmark reaffirmed a "buy" rating and set a $20.00 price target on shares of Driven Brands in a research report on Tuesday, August 20th. Stifel Nicolaus raised their target price on Driven Brands from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. Finally, Royal Bank of Canada upped their price target on Driven Brands from $17.00 to $20.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Four 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.86.

Driven Brands Company Profile

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.