Driven Brands Holdings Inc. (NASDAQ:DRVN – Get Rating) major shareholder Rc Iv Cayman Icw Holdings Llc sold 2,257,203 shares of the stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $32.19, for a total value of $72,659,364.57. Following the transaction, the insider now directly 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 Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.
Driven Brands Stock Performance
Shares of DRVN traded down $0.21 during mid-day trading on Thursday, hitting $33.01. 809,136 shares of the company traded hands, compared to its average volume of 485,796. Driven Brands Holdings Inc. has a 1 year low of $24.62 and a 1 year high of $35.45. The stock has a 50-day moving average price of $31.03 and a two-hundred day moving average price of $28.64. The stock has a market cap of $5.53 billion, a price-to-earnings ratio of -183.38, a P/E/G ratio of 1.54 and a beta of 0.57. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.02 and a current ratio of 1.14.
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Driven Brands (NASDAQ:DRVN – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. The company 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 firm's revenue for the quarter was up 35.7% compared to the same quarter last year. During the same period last year, the firm earned $0.25 EPS. Equities analysts anticipate that Driven Brands Holdings Inc. will post 1.12 earnings per share for the current year.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the stock. Verition Fund Management LLC boosted its position in Driven Brands by 784.9% during the 2nd quarter. Verition Fund Management LLC now owns 189,845 shares of the company's stock worth $5,228,000 after purchasing an additional 168,391 shares during the period. Legal & General Group Plc increased its position in shares of Driven Brands by 1.6% in the second quarter. Legal & General Group Plc now owns 40,032 shares of the company's stock worth $1,103,000 after acquiring an additional 637 shares in the last quarter. Macquarie Group Ltd. acquired a new stake in shares of Driven Brands in the second quarter worth $2,644,000. Cowbird Capital LP purchased a new stake in shares of Driven Brands in the second quarter worth approximately $10,520,000. Finally, State Street Corp grew its stake in shares of Driven Brands by 4.1% in the 2nd quarter. State Street Corp now owns 790,429 shares of the company's stock valued at $21,768,000 after buying an additional 30,944 shares in the last quarter. 33.09% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Separately, Morgan Stanley lifted 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 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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