Driven Brands (NASDAQ:DRVN) Updates FY 2024 Earnings Guidance

by · The Markets Daily

Driven Brands (NASDAQ:DRVN – Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 1.000-1.000 for the period, compared to the consensus earnings per share estimate of 1.020. The company issued revenue guidance of $2.4 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion.

Analyst Upgrades and Downgrades

Several analysts have commented on DRVN shares. Robert W. Baird boosted their target price on shares of Driven Brands from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Canaccord Genuity Group upped their price target on Driven Brands from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday. Piper Sandler restated an “overweight” rating and issued a $17.00 target price (up from $14.00) on shares of Driven Brands in a report on Friday, August 2nd. The Goldman Sachs Group lifted their price target on shares of Driven Brands from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, BMO Capital Markets assumed coverage on shares of Driven Brands in a research note on Monday, July 22nd. They issued a “market perform” rating and a $14.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.45.

Read Our Latest Research Report on Driven Brands

Driven Brands Stock Performance

NASDAQ DRVN traded down $0.10 during midday trading on Friday, hitting $14.75. The company had a trading volume of 1,119,186 shares, compared to its average volume of 659,860. The firm has a fifty day simple moving average of $14.31 and a two-hundred day simple moving average of $13.20. Driven Brands has a fifty-two week low of $10.59 and a fifty-two week high of $16.00. The company has a quick ratio of 1.91, a current ratio of 2.11 and a debt-to-equity ratio of 3.03. The stock has a market cap of $2.42 billion, a price-to-earnings ratio of 368.75, a P/E/G ratio of 0.89 and a beta of 1.11.

Driven Brands (NASDAQ:DRVN – Get Free Report) last issued its quarterly 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 return on equity of 15.03% and a net margin of 0.27%. The firm had revenue of $591.70 million for the quarter, compared to analyst estimates of $598.49 million. During the same period in the previous year, the company posted $0.19 earnings per share. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. Equities analysts forecast that Driven Brands will post 0.88 earnings per share for the current fiscal year.

About Driven Brands

(Get Free Report)

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.

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