Driven Brands Holdings Inc. (NASDAQ:DRVN) has received an average rating of “Moderate Buy” from ten analysts currently covering the company, according to Marketbeat Ratings. The analysts’ assessments vary, with one suggesting a sell, three recommending a hold, and six issuing buy ratings. The consensus among these analysts sets a one-year price target at approximately $21.22.
Recent reports from various analysts reflect a range of outlooks for Driven Brands. On March 12, 2024, William Blair upgraded the company’s stock from a “market perform” to an “outperform” rating. Conversely, Piper Sandler revised their target price from $22.00 to $19.00 while maintaining an “overweight” rating. Additionally, Canaccord Genuity Group reaffirmed a “buy” rating with a price target of $24.00 on September 18, 2024. Stifel Nicolaus set their price objective at $23.00, while Zacks Research recently upgraded the stock to a “hold” rating on August 8, 2024.
Financial Performance and Earnings Report
Driven Brands reported its quarterly earnings on March 12, 2024, revealing earnings per share (EPS) of $0.30 and total revenue amounting to $564.12 million. The company achieved a return on equity of 25.31%, although it also reported a negative net margin of 9.14%. Analysts project that Driven Brands will post an EPS of 0.85 for the current fiscal year, indicating expectations for modest growth.
In related developments, on September 15, 2024, Director Jonathan G. Fitzpatrick sold 110,000 shares of his company’s stock at an average price of $18.05, totaling approximately $1,985,500. Following this sale, Fitzpatrick retains ownership of 2,279,453 shares, valued at about $41.14 million. This transaction has been disclosed in a filing with the Securities and Exchange Commission.
Institutional Investment Activity
Recent changes in institutional investor positions also reflect notable interest in Driven Brands. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in the first quarter valued at $245,000. Mackenzie Financial Corp, meanwhile, increased its stake by 69.2%, now holding 75,194 shares worth approximately $1.29 million following the acquisition of an additional 30,741 shares.
Other significant transactions include XTX Topco Ltd acquiring a new stake valued at about $182,000, and Blueshift Asset Management LLC purchasing a new position worth approximately $1.15 million. Nuveen LLC also established a new position in the first quarter, valued around $7.17 million. Institutional investors and hedge funds hold approximately 77.08% of Driven Brands’ stock, indicating strong institutional confidence in the company.
Driven Brands Holdings Inc., which operates both retail and commercial automotive services, continues to navigate a competitive market landscape. With a broad range of offerings—including collision repair, car washes, and automotive parts distribution—it remains poised for future growth as it adapts to evolving consumer needs and market dynamics.
