Zacks Investment Research upgraded shares of Drive Shack Inc. (NYSE:DS) from a sell rating to a hold rating in a research report sent to investors on Tuesday, July 18th.
According to Zacks, “Drive Shack Inc.is the owner and operator of golf-related leisure and entertainment businesses. The services offered by the company comprise Drive Shack which is engaged in developing innovative golf entertainment venues, American Golf and Real Asset related assets. Drive Shack Inc., formerly known as Newcastle Investment Corp., is based in New York. “
Drive Shack (DS) opened at 2.79 on Tuesday. Drive Shack has a 12-month low of $2.75 and a 12-month high of $4.75. The firm has a 50-day moving average of $3.09 and a 200-day moving average of $3.75. The stock’s market capitalization is $186.58 million.
Drive Shack (NYSE:DS) last issued its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.15. The firm had revenue of $81.36 million for the quarter, compared to analysts’ expectations of $84.48 million. Drive Shack had a positive return on equity of 24.85% and a negative net margin of 7.05%. Drive Shack’s revenue was down 3.7% on a year-over-year basis. During the same quarter last year, the business posted $0.21 EPS. Equities research analysts forecast that Drive Shack will post $0.32 earnings per share for the current fiscal year.
In related news, Director Alan L. Tyson purchased 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The shares were purchased at an average price of $3.81 per share, with a total value of $381,000.00. Following the purchase, the director now owns 175,069 shares of the company’s stock, valued at approximately $667,012.89. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 7.20% of the company’s stock.
Institutional investors have recently modified their holdings of the company. FMR LLC bought a new position in shares of Drive Shack during the fourth quarter worth $6,675,000. Renaissance Technologies LLC bought a new position in shares of Drive Shack during the fourth quarter worth $3,505,000. Advisory Services Network LLC acquired a new stake in shares of Drive Shack during the first quarter worth approximately $118,000. First Trust Advisors LP acquired a new stake in shares of Drive Shack during the first quarter worth approximately $210,000. Finally, Boston Partners acquired a new stake in shares of Drive Shack during the first quarter worth approximately $3,459,000. 37.79% of the stock is currently owned by hedge funds and other institutional investors.
Drive Shack Company Profile
Drive Shack Inc, formerly Newcastle Investment Corp., is a leisure company. The Company is an owner and operator of golf-related leisure and entertainment businesses. The Company’s portfolio consists of Drive Shack, which is engaged in developing nationwide network of golf entertainment venues; American Golf Corporation, which is a golf course company, and real estate-related assets.
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