Driven Brands Holdings Inc. (NASDAQ:DRVN) Position Reduced by Verition Fund Management LLC

Verition Fund Management LLC decreased its stake in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) by 88.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,614 shares of the company's stock after selling 211,768 shares during the period. Verition Fund Management LLC's holdings in Driven Brands were worth $408,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in DRVN. Marshall Wace LLP raised its stake in shares of Driven Brands by 516.2% during the 2nd quarter. Marshall Wace LLP now owns 612,436 shares of the company's stock worth $7,796,000 after buying an additional 513,045 shares during the last quarter. AQR Capital Management LLC grew its holdings in Driven Brands by 79.9% in the 2nd quarter. AQR Capital Management LLC now owns 929,073 shares of the company's stock valued at $11,483,000 after buying an additional 412,547 shares during the period. Millrace Asset Group Inc. acquired a new position in shares of Driven Brands during the 3rd quarter valued at about $1,420,000. SG Americas Securities LLC lifted its holdings in shares of Driven Brands by 396.7% during the 2nd quarter. SG Americas Securities LLC now owns 123,531 shares of the company's stock worth $1,573,000 after acquiring an additional 98,662 shares during the period. Finally, North Peak Capital Management LLC boosted its position in shares of Driven Brands by 1.8% in the third quarter. North Peak Capital Management LLC now owns 5,299,000 shares of the company's stock worth $75,617,000 after acquiring an additional 95,529 shares during the last quarter. Hedge funds and other institutional investors own 77.08% of the company's stock.

Analyst Upgrades and Downgrades

DRVN has been the topic of a number of recent analyst reports. Royal Bank of Canada increased their price target on shares of Driven Brands from $17.00 to $20.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Canaccord Genuity Group boosted their price target on Driven Brands from $20.00 to $21.00 and gave the company a "buy" rating in a research report on Friday, November 1st. Stifel Nicolaus raised their price objective on Driven Brands from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Finally, Benchmark reiterated a "buy" rating and set a $20.00 target price on shares of Driven Brands in a report on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $17.86.

Driven Brands Stock Down 2.7 %

Shares of DRVN traded down $0.46 during mid-day trading on Friday, reaching $16.74. 454,490 shares of the stock traded hands, compared to its average volume of 1,033,977. The stock has a fifty day simple moving average of $15.68 and a 200 day simple moving average of $14.05. Driven Brands Holdings Inc. has a 12-month low of $10.59 and a 12-month high of $17.45. The company has a quick ratio of 1.72, a current ratio of 1.90 and a debt-to-equity ratio of 2.84. The firm has a market cap of $2.75 billion, a price-to-earnings ratio of 418.50, a P/E/G ratio of 1.14 and a beta of 1.15.

Driven Brands (NASDAQ:DRVN - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. The firm had revenue of $591.70 million for the quarter, compared to the consensus estimate of $598.49 million. Driven Brands had a net margin of 0.27% and a return on equity of 14.86%. The firm's quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.19 EPS. Sell-side analysts expect that Driven Brands Holdings Inc. will post 0.86 EPS for the current fiscal year.

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.