Millrace Asset Group Inc. Makes New Investment in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Millrace Asset Group Inc. purchased a new stake in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 99,521 shares of the company's stock, valued at approximately $1,420,000. Millrace Asset Group Inc. owned approximately 0.06% of Driven Brands as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. nVerses Capital LLC acquired a new position in shares of Driven Brands in the 3rd quarter valued at $86,000. Innealta Capital LLC acquired a new position in Driven Brands in the second quarter valued at $86,000. Bleakley Financial Group LLC purchased a new position in shares of Driven Brands during the third quarter worth about $171,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Driven Brands by 14.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,824 shares of the company's stock worth $219,000 after purchasing an additional 1,758 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Driven Brands during the third quarter worth about $245,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Driven Brands Stock Performance

NASDAQ:DRVN traded down $0.19 during mid-day trading on Tuesday, reaching $16.85. The stock had a trading volume of 329,961 shares, compared to its average volume of 1,058,549. Driven Brands Holdings Inc. has a twelve month low of $10.59 and a twelve month high of $17.35. The business has a 50 day simple moving average of $15.03 and a 200 day simple moving average of $13.52. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 421.25, a PEG ratio of 1.11 and a beta of 1.11. 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 Thursday, October 31st. The company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.04. The company had revenue of $591.70 million during the quarter, compared to the consensus estimate of $598.49 million. Driven Brands had a return on equity of 14.86% and a net margin of 0.27%. Driven Brands's quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.19 earnings per share. On average, analysts expect that Driven Brands Holdings Inc. will post 0.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

DRVN has been the topic of a number of research reports. Robert W. Baird raised their price target on Driven Brands from $17.00 to $18.00 and gave the stock an "outperform" rating in a research note on Friday, August 2nd. Piper Sandler restated an "overweight" rating and set a $17.00 target price (up from $14.00) on shares of Driven Brands in a research report on Friday, August 2nd. Benchmark reiterated a "buy" rating and issued a $20.00 price target on shares of Driven Brands in a research report on Tuesday, August 20th. Baird R W raised shares of Driven Brands to a "strong-buy" rating in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group lifted their price objective on shares of Driven Brands from $20.00 to $21.00 and gave the company a "buy" rating in a research note on Friday, November 1st. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $17.86.

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.