Driven Brands Holdings ( (DRVN) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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Driven Brands Holdings’ stock is experiencing unusual movement due to the company’s decision to sell its international car wash business for EUR406 million. This sale is expected to lead to financial reclassification and lower revenue forecasts. The company plans to use the proceeds to reduce debt and focus on core operations, which has led to a revised financial outlook. However, insider sentiment is negative, with increased insider selling activity contributing to mixed market reactions.
More about Driven Brands Holdings
YTD Price Performance: -11.80%
Average Trading Volume: 1,164,315
Technical Sentiment Signal: Sell
Current Market Cap: $2.32B
For further insights into DRVN stock on TipRanks’ Stock Analysis page.
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