Millennium Management LLC Reduces Stake in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Millennium Management LLC decreased its position in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) by 41.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,653,790 shares of the company's stock after selling 2,552,224 shares during the quarter. Millennium Management LLC owned about 2.23% of Driven Brands worth $46,513,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DRVN. Charles Schwab Investment Management Inc. boosted its position in shares of Driven Brands by 5.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 354,542 shares of the company's stock valued at $5,056,000 after purchasing an additional 17,252 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Driven Brands by 579.2% during the 4th quarter. Parallel Advisors LLC now owns 3,437 shares of the company's stock valued at $49,000 after acquiring an additional 2,931 shares during the period. Capstone Investment Advisors LLC bought a new position in Driven Brands during the fourth quarter worth $220,000. Aristides Capital LLC acquired a new stake in Driven Brands in the fourth quarter worth $269,000. Finally, CastleKnight Management LP increased its stake in Driven Brands by 11.3% in the fourth quarter. CastleKnight Management LP now owns 146,100 shares of the company's stock valued at $2,083,000 after purchasing an additional 14,800 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on DRVN. Robert W. Baird increased their price objective on shares of Driven Brands from $17.00 to $18.00 and gave the stock an "outperform" rating in a research report on Friday, August 2nd. Canaccord Genuity Group increased their price target on Driven Brands from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, September 19th. Baird R W upgraded Driven Brands to a "strong-buy" rating in a report on Friday, August 2nd. Royal Bank of Canada upped their target price on Driven Brands from $14.00 to $16.00 and gave the stock an "outperform" rating in a research report on Friday, August 2nd. Finally, BMO Capital Markets assumed coverage on shares of Driven Brands in a research report on Monday, July 22nd. They issued a "market perform" rating and a $14.00 price target for the company. Four equities research 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 company. According to MarketBeat.com, Driven Brands currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.95.

Driven Brands Stock Up 2.0 %

NASDAQ DRVN traded up $0.29 on Wednesday, reaching $14.79. The company had a trading volume of 474,552 shares, compared to its average volume of 1,144,230. 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 company's fifty day moving average is $13.90 and its 200 day moving average is $13.32. Driven Brands Holdings Inc. has a 52-week low of $10.59 and a 52-week high of $16.00. The stock has a market capitalization of $2.43 billion, a P/E ratio of -3.11, a P/E/G ratio of 0.89 and a beta of 1.13.

Driven Brands (NASDAQ:DRVN - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.28 by $0.07. Driven Brands had a negative net margin of 33.56% and a positive return on equity of 15.12%. The company had revenue of $611.60 million for the quarter, compared to analyst estimates of $628.34 million. During the same period last year, the firm earned $0.27 earnings per share. The firm's revenue was up .8% on a year-over-year basis. Sell-side analysts anticipate that Driven Brands Holdings Inc. will post 0.88 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.