Norges Bank Acquires Shares of 107,900 Driven Brands Holdings Inc. (NASDAQ:DRVN)

Norges Bank acquired a new stake in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 107,900 shares of the company's stock, valued at approximately $1,742,000. Norges Bank owned 0.07% of Driven Brands as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. HighTower Advisors LLC boosted its stake in Driven Brands by 5.9% during the 3rd quarter. HighTower Advisors LLC now owns 29,161 shares of the company's stock valued at $414,000 after acquiring an additional 1,617 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Driven Brands by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 496,073 shares of the company's stock worth $8,007,000 after purchasing an additional 4,062 shares in the last quarter. SG Americas Securities LLC increased its stake in Driven Brands by 47.2% during the 4th quarter. SG Americas Securities LLC now owns 13,720 shares of the company's stock valued at $221,000 after buying an additional 4,399 shares during the period. Handelsbanken Fonder AB lifted its position in Driven Brands by 24.6% in the fourth quarter. Handelsbanken Fonder AB now owns 24,300 shares of the company's stock worth $392,000 after purchasing an additional 4,800 shares during the period. Finally, Orion Portfolio Solutions LLC boosted its stake in Driven Brands by 54.9% during the third quarter. Orion Portfolio Solutions LLC now owns 16,398 shares of the company's stock valued at $234,000 after buying an additional 5,815 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Driven Brands Stock Performance

Shares of NASDAQ:DRVN traded up $0.14 during trading on Thursday, reaching $16.30. 94,437 shares of the stock were exchanged, compared to its average volume of 895,076. The stock has a 50-day moving average price of $16.43 and a 200-day moving average price of $16.01. The firm has a market cap of $2.67 billion, a PE ratio of 407.50, a PEG ratio of 0.79 and a beta of 1.09. Driven Brands Holdings Inc. has a 12 month low of $10.59 and a 12 month high of $18.01. 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 (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 firm 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 business's quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm earned $0.19 EPS. Research analysts expect that Driven Brands Holdings Inc. will post 0.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on DRVN shares. BMO Capital Markets lifted their price target on Driven Brands from $15.00 to $16.00 and gave the company a "market perform" rating in a report on Wednesday, February 26th. Benchmark began coverage on shares of Driven Brands in a research report on Friday, April 4th. They set a "buy" rating and a $22.00 target price on the stock. Robert W. Baird set a $25.00 price target on shares of Driven Brands in a research report on Thursday, March 13th. Canaccord Genuity Group increased their target price on Driven Brands from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Wednesday, February 26th. Finally, Piper Sandler raised their price target on shares of Driven Brands from $19.00 to $22.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Driven Brands currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.50.

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.