Driven Brands (NASDAQ:DRVN) Shares Break Above 50-Day Moving Average – Here’s What Happened

Driven Brands Holdings Inc. (NASDAQ:DRVN)’s stock price crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $12.10 and traded as high as $12.29. Driven Brands shares last traded at $12.26, with a volume of 777,856 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on DRVN. Wall Street Zen raised Driven Brands from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. Canaccord Genuity Group cut Driven Brands from a “buy” rating to a “hold” rating and set a $12.00 price target for the company. in a report on Tuesday, November 3rd. UBS Group restated a “buy” rating on shares of Driven Brands in a research note on Thursday, September 10th. Weiss Ratings lowered Driven Brands from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, September 28th. Finally, BTIG Research lowered Driven Brands from a “buy” rating to a “neutral” rating in a report on Wednesday, November 4th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.48.

Driven Brands Stock Performance

The company has a market capitalization of $1.97 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 2.63 and a beta of 0.91. The stock’s fifty day simple moving average is $12.07 and its 200-day simple moving average is $13.16. The company has a debt-to-equity ratio of 1.99, a quick ratio of 1.33 and a current ratio of 1.47.

Institutional Investors Weigh In On Driven Brands

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DRVN. Norwood Investment Partners LP boosted its holdings in Driven Brands by 23.6% in the third quarter. Norwood Investment Partners LP now owns 661,000 shares of the company’s stock worth $7,806,000 after purchasing an additional 126,187 shares during the period. Private Management Group Inc. lifted its position in shares of Driven Brands by 26.3% in the 3rd quarter. Private Management Group Inc. now owns 1,276,171 shares of the company’s stock worth $15,072,000 after buying an additional 265,577 shares during the last quarter. Bfsg LLC lifted its position in shares of Driven Brands by 22.2% in the 3rd quarter. Bfsg LLC now owns 10,094 shares of the company’s stock worth $119,000 after buying an additional 1,835 shares during the last quarter. ZWJ Investment Counsel Inc. boosted its holdings in shares of Driven Brands by 5.1% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 33,512 shares of the company’s stock valued at $396,000 after buying an additional 1,616 shares during the period. Finally, Engineers Gate Manager LP acquired a new position in shares of Driven Brands in the 2nd quarter valued at about $310,000. Hedge funds and other institutional investors own 77.08% of the company’s stock.

About Driven Brands

Driven Brands Holdings Inc. is an automotive aftermarket services company headquartered in Charlotte, North Carolina. It operates and franchises service centers under brands including Take 5 Oil Change, Meineke Car Care Centers, Maaco, CARSTAR and Auto Glass Now. The company provides a range of vehicle services, including oil changes and preventive maintenance, mechanical repairs, collision repair and refinishing, and auto glass replacement. Through 1-800-Radiator & A/C, it also distributes heating and cooling parts to repair shops and other customers.