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

JPMorgan Chase & Co. lowered its holdings in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) by 13.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,305,096 shares of the company's stock after selling 667,906 shares during the quarter. JPMorgan Chase & Co. owned approximately 2.62% of Driven Brands worth $61,434,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Scopia Capital Management LP bought a new stake in shares of Driven Brands during the third quarter valued at approximately $16,890,000. Marshall Wace LLP grew its stake in Driven Brands by 516.2% during the second quarter. Marshall Wace LLP now owns 612,436 shares of the company's stock valued at $7,796,000 after acquiring an additional 513,045 shares in the last quarter. Bamco Inc. NY increased its holdings in Driven Brands by 16.7% in the 3rd quarter. Bamco Inc. NY now owns 3,500,000 shares of the company's stock valued at $49,945,000 after acquiring an additional 500,000 shares during the last quarter. AQR Capital Management LLC lifted its stake in Driven Brands by 79.9% in the 2nd quarter. AQR Capital Management LLC now owns 929,073 shares of the company's stock worth $11,483,000 after purchasing an additional 412,547 shares in the last quarter. Finally, HG Vora Capital Management LLC boosted its holdings in shares of Driven Brands by 4.9% during the 3rd quarter. HG Vora Capital Management LLC now owns 7,550,000 shares of the company's stock valued at $107,738,000 after purchasing an additional 350,000 shares during the last quarter. Institutional investors own 77.08% of the company's stock.

Driven Brands Trading Down 1.1 %

Shares of DRVN stock traded down $0.17 during trading hours on Friday, reaching $15.85. 474,761 shares of the stock were exchanged, compared to its average volume of 443,130. The company has a current ratio of 1.90, a quick ratio of 1.72 and a debt-to-equity ratio of 2.84. Driven Brands Holdings Inc. has a 12-month low of $10.59 and a 12-month high of $17.45. The firm has a market capitalization of $2.60 billion, a price-to-earnings ratio of 396.25, a price-to-earnings-growth ratio of 1.14 and a beta of 1.15. The company's 50-day moving average price is $16.26 and its 200-day moving average price is $14.58.

Driven Brands (NASDAQ:DRVN - Get Free Report) last released its earnings results on Thursday, October 31st. The company reported $0.26 EPS for the quarter, beating 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 analysts' expectations of $598.49 million. During the same quarter in the prior year, the firm posted $0.19 earnings per share. The company's quarterly revenue was up 1.8% on a year-over-year basis. As a group, equities analysts anticipate that Driven Brands Holdings Inc. will post 0.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on DRVN. Royal Bank of Canada boosted their target price on Driven Brands from $17.00 to $20.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Stifel Nicolaus increased their target price on Driven Brands from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Finally, Canaccord Genuity Group boosted their price target on shares of Driven Brands from $20.00 to $21.00 and gave the stock a "buy" rating in a research report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.86.

Driven Brands 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.