Driven Brands (NASDAQ:DRVN) Posts Earnings Results, Beats Estimates By $0.04 EPS

Driven Brands (NASDAQ:DRVN - Get Free Report) issued its quarterly earnings results on Thursday. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04, Briefing.com reports. The company had revenue of $591.70 million during the quarter, compared to analyst estimates of $598.49 million. Driven Brands had a net margin of 0.27% and a return on equity of 15.03%. Driven Brands's quarterly revenue was up 1.8% compared to the same quarter last year. During the same period last year, the business earned $0.19 EPS. Driven Brands updated its FY 2024 guidance to 1.000-1.000 EPS.

Driven Brands Stock Performance

Shares of NASDAQ DRVN traded down $0.10 during trading on Friday, reaching $14.75. 1,119,186 shares of the company traded hands, compared to its average volume of 659,860. The firm has a 50 day simple moving average of $14.31 and a 200-day simple moving average of $13.20. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 3.03. The stock has a market capitalization of $2.42 billion, a PE ratio of 368.75, a P/E/G ratio of 0.89 and a beta of 1.11. Driven Brands has a 52-week low of $10.59 and a 52-week high of $16.00.

Analysts Set New Price Targets

DRVN has been the subject of several research reports. Canaccord Genuity Group increased their price target on shares of Driven Brands from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Friday. The Goldman Sachs Group raised their price objective on shares of Driven Brands from $14.00 to $16.00 and gave the company a "neutral" rating in a research note on Friday, August 2nd. Baird R W upgraded shares of Driven Brands to a "strong-buy" rating in a research note on Friday, August 2nd. Royal Bank of Canada raised their price objective on shares of Driven Brands from $17.00 to $20.00 and gave the company an "outperform" rating in a research note on Friday. Finally, BMO Capital Markets assumed coverage on shares of Driven Brands in a research note on Monday, July 22nd. They set a "market perform" rating and a $14.00 price objective for the company. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $17.45.

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.