Verition Fund Management LLC Decreases Holdings in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Verition Fund Management LLC lessened its stake in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) by 88.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 28,614 shares of the company’s stock after selling 211,768 shares during the quarter. Verition Fund Management LLC’s holdings in Driven Brands were worth $408,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in DRVN. Marshall Wace LLP increased its stake in shares of Driven Brands by 516.2% in the second quarter. Marshall Wace LLP now owns 612,436 shares of the company’s stock worth $7,796,000 after purchasing an additional 513,045 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Driven Brands by 79.9% in the second quarter. AQR Capital Management LLC now owns 929,073 shares of the company’s stock worth $11,483,000 after purchasing an additional 412,547 shares in the last quarter. Millrace Asset Group Inc. purchased a new position in shares of Driven Brands in the third quarter worth about $1,420,000. SG Americas Securities LLC increased its stake in shares of Driven Brands by 396.7% in the second quarter. SG Americas Securities LLC now owns 123,531 shares of the company’s stock worth $1,573,000 after purchasing an additional 98,662 shares in the last quarter. Finally, North Peak Capital Management LLC increased its stake 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 purchasing an additional 95,529 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on DRVN. Canaccord Genuity Group lifted their target price on shares of Driven Brands from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Stifel Nicolaus lifted their target price on shares of Driven Brands from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Royal Bank of Canada boosted 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, November 1st. Finally, Benchmark reaffirmed a “buy” rating and set a $20.00 price objective on shares of Driven Brands in a research note on Tuesday, August 20th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.86.

Driven Brands Trading Up 0.2 %

Shares of Driven Brands stock opened at $17.20 on Friday. Driven Brands Holdings Inc. has a 1 year low of $10.59 and a 1 year high of $17.45. The firm has a market cap of $2.82 billion, a PE ratio of 430.00, a PEG ratio of 1.10 and a beta of 1.15. The company has a debt-to-equity ratio of 2.84, a current ratio of 1.90 and a quick ratio of 1.72. The company has a 50 day simple moving average of $15.64 and a two-hundred day simple moving average of $14.02.

Driven Brands (NASDAQ:DRVN) last announced its earnings results on Thursday, October 31st. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. Driven Brands had a net margin of 0.27% and a return on equity of 14.86%. The business had revenue of $591.70 million during the quarter, compared to analyst estimates of $598.49 million. During the same period in the previous year, the business posted $0.19 earnings per share. Driven Brands’s revenue for the quarter was up 1.8% on a year-over-year basis. Analysts expect that Driven Brands Holdings Inc. will post 0.86 earnings per share for the current fiscal year.

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.