Driven Brands Holdings Inc. (NASDAQ:DRVN – Get Rating) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 3,690,000 shares, an increase of 31.3% from the August 15th total of 2,810,000 shares. Based on an average daily volume of 437,300 shares, the days-to-cover ratio is currently 8.4 days. Currently, 4.1% of the shares of the company are sold short.
Insiders Place Their Bets
In other news, major shareholder Rc Iv Cayman Icw Holdings Llc sold 2,257,203 shares of the business's stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $32.19, for a total transaction of $72,659,364.57. Following the completion of the transaction, the insider now owns 14,056,415 shares of the company's stock, valued at $452,475,998.85. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Neal K. Aronson sold 7,000,000 shares of the company's stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $32.19, for a total value of $225,330,000.00. Following the completion of the sale, the director now owns 32,758,952 shares of the company's stock, valued at $1,054,510,664.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Rc Iv Cayman Icw Holdings Llc sold 2,257,203 shares of the company's stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $32.19, for a total transaction of $72,659,364.57. Following the completion of the sale, the insider now directly owns 14,056,415 shares of the company's stock, valued at approximately $452,475,998.85. The disclosure for this sale can be found here. Insiders sold a total of 9,273,203 shares of company stock valued at $298,492,725 over the last 90 days. 2.60% of the stock is owned by company insiders.
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Hedge Funds Weigh In On Driven Brands
Several institutional investors and hedge funds have recently bought and sold shares of DRVN. Loomis Sayles & Co. L P purchased a new position in Driven Brands during the 1st quarter valued at about $23,900,000. JPMorgan Chase & Co. grew its stake in Driven Brands by 17.1% during the 1st quarter. JPMorgan Chase & Co. now owns 4,398,461 shares of the company's stock valued at $115,592,000 after acquiring an additional 641,522 shares in the last quarter. Capital World Investors grew its stake in shares of Driven Brands by 38.7% in the 4th quarter. Capital World Investors now owns 1,983,000 shares of the company's stock valued at $66,668,000 after buying an additional 553,000 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Driven Brands in the 2nd quarter valued at approximately $12,197,000. Finally, Cowbird Capital LP bought a new stake in shares of Driven Brands in the 2nd quarter valued at approximately $10,520,000. Hedge funds and other institutional investors own 33.09% of the company's stock.
Analyst Upgrades and Downgrades
Separately, Morgan Stanley upped their price objective on shares of Driven Brands from $37.00 to $38.00 and gave the stock an "overweight" rating in a report on Monday, August 1st.
Driven Brands Stock Performance
NASDAQ DRVN traded down $0.75 on Friday, hitting $32.26. 893,186 shares of the company were exchanged, compared to its average volume of 725,252. The company's 50 day moving average price is $31.20 and its 200-day moving average price is $28.69. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.14 and a quick ratio of 1.02. Driven Brands has a twelve month low of $24.62 and a twelve month high of $35.45.
Driven Brands (NASDAQ:DRVN – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. The firm had revenue of $508.60 million for the quarter, compared to the consensus estimate of $480.37 million. Driven Brands had a positive return on equity of 10.64% and a negative net margin of 1.62%. The business's revenue for the quarter was up 35.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.25 EPS. Analysts anticipate that Driven Brands will post 1.12 earnings per share for the current year.
Driven Brands Company Profile
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Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. The company offers various services, such as paint, collision, glass, vehicle repair, car wash, oil change, and maintenance services.
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