JPMorgan Chase & Co. Reduces Stock Position in Driven Brands Holdings Inc. (NASDAQ:DRVN)

JPMorgan Chase & Co. lowered its stake in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) by 7.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,004,705 shares of the company's stock after selling 300,391 shares during the period. JPMorgan Chase & Co. owned 2.44% of Driven Brands worth $64,636,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Blue Trust Inc. increased its stake in shares of Driven Brands by 600.5% in the fourth quarter. Blue Trust Inc. now owns 9,198 shares of the company's stock worth $148,000 after purchasing an additional 7,885 shares in the last quarter. Townsquare Capital LLC bought a new stake in Driven Brands during the 3rd quarter valued at $153,000. LPL Financial LLC bought a new stake in Driven Brands during the 4th quarter valued at $178,000. SBI Securities Co. Ltd. purchased a new stake in shares of Driven Brands during the fourth quarter worth $215,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Driven Brands in the fourth quarter worth $216,000. Institutional investors own 77.08% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on DRVN shares. JPMorgan Chase & Co. increased their price objective on Driven Brands from $14.50 to $17.00 and gave the stock a "neutral" rating in a report on Wednesday, February 26th. Robert W. Baird set a $25.00 price objective on shares of Driven Brands in a research report on Thursday, March 13th. Piper Sandler upped their target price on shares of Driven Brands from $19.00 to $22.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. BMO Capital Markets boosted their price target on shares of Driven Brands from $15.00 to $16.00 and gave the company a "market perform" rating in a research report on Wednesday, February 26th. Finally, Canaccord Genuity Group increased their price objective on Driven Brands from $21.00 to $23.00 and gave the stock a "buy" rating in a research report on Wednesday, February 26th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $20.50.

Driven Brands Price Performance

DRVN traded up $1.29 during midday trading on Wednesday, hitting $16.28. The stock had a trading volume of 1,057,326 shares, compared to its average volume of 902,974. The company has a market cap of $2.67 billion, a P/E ratio of 407.00, a price-to-earnings-growth ratio of 0.79 and a beta of 1.09. Driven Brands Holdings Inc. has a 1 year low of $10.59 and a 1 year high of $18.01. The business has a fifty day moving average of $16.44 and a 200 day moving average of $15.97. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.72 and a current ratio of 1.90.

Driven Brands (NASDAQ:DRVN - Get Free Report) last released its earnings results on Tuesday, February 25th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.17 by $0.13. The company had revenue of $564.12 million for the quarter, compared to analyst estimates of $572.95 million. Driven Brands had a net margin of 0.27% and a return on equity of 14.86%. The firm's quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.19 EPS. As a group, equities analysts forecast that Driven Brands Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

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.