Russell Investments Group Ltd. bought a new position in Driven Brands Holdings Inc. (NASDAQ:DRVN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 29,376 shares of the company’s stock, valued at approximately $908,000.
A number of other hedge funds also recently added to or reduced their stakes in the business. Citigroup Inc. acquired a new position in Driven Brands in the 1st quarter valued at $100,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Driven Brands during the 2nd quarter valued at about $144,000. Morgan Stanley acquired a new stake in shares of Driven Brands during the 1st quarter valued at about $164,000. Blueshift Asset Management LLC bought a new position in Driven Brands during the 1st quarter valued at about $249,000. Finally, Teacher Retirement System of Texas bought a new position in Driven Brands during the 1st quarter valued at about $254,000. Institutional investors own 22.41% of the company’s stock.
A number of research analysts recently issued reports on the stock. Zacks Investment Research cut shares of Driven Brands from a “buy” rating to a “hold” rating in a report on Wednesday, September 8th. Credit Suisse Group boosted their price objective on shares of Driven Brands from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, July 29th. Robert W. Baird increased their price objective on shares of Driven Brands from $37.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, July 29th. Morgan Stanley upped their price target on shares of Driven Brands from $32.00 to $35.00 and gave the company an “equal weight” rating in a research note on Monday, August 2nd. Finally, Stifel Nicolaus assumed coverage on shares of Driven Brands in a research note on Tuesday, June 29th. They set a “buy” rating and a $40.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $36.80.
Driven Brands (NASDAQ:DRVN) last posted its quarterly earnings data on Tuesday, July 27th. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.16 by $0.09. The company had revenue of $374.83 million during the quarter, compared to the consensus estimate of $322.54 million. Research analysts anticipate that Driven Brands Holdings Inc. will post 0.82 EPS for the current year.
In other Driven Brands news, major shareholder Driven Equity Llc sold 8,130,510 shares of the firm’s stock in a transaction that occurred on Monday, August 9th. The stock was sold at an average price of $29.50, for a total transaction of $239,850,045.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Neal K. Aronson sold 12,000,000 shares of the firm’s stock in a transaction that occurred on Monday, August 9th. The shares were sold at an average price of $29.50, for a total value of $354,000,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 21,296,115 shares of company stock worth $628,235,393 in the last three months. 2.60% of the stock is owned by corporate insiders.
About Driven Brands
Driven Brands Holdings Inc provides automotive services to retail and commercial customers in North America and internationally. It operates through Maintenance; Car Wash, Paint, Collision & Glass; and Platform Services segments. The company offers various services, such as paint, collision, refinishing, glass, vehicle repair, oil change, maintenance, and car wash services.
Featured Article: Initial Coin Offerings entail a high degree of risk
Receive News & Ratings for Driven Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Driven Brands and related companies with MarketBeat.com's FREE daily email newsletter.