Zacks Investment Research Downgrades Drive Shack (DS) to Hold

Drive Shack (NYSE:DS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.

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 $5.52 on Tuesday. Drive Shack has a 52-week low of $2.41 and a 52-week high of $6.49. The stock has a market capitalization of $385.04, a P/E ratio of 17.42 and a beta of 1.63. The company has a debt-to-equity ratio of 1.25, a quick ratio of 5.85 and a current ratio of 5.85.

Drive Shack (NYSE:DS) last announced its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.19. Drive Shack had a positive return on equity of 17.68% and a negative net margin of 12.99%. The firm had revenue of $81.70 million for the quarter, compared to analyst estimates of $81.50 million. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. analysts expect that Drive Shack will post -0.41 earnings per share for the current fiscal year.

In other news, Director Wesley R. Edens acquired 398,895 shares of the firm’s stock in a transaction on Thursday, November 9th. The shares were bought at an average price of $3.97 per share, for a total transaction of $1,583,613.15. Following the acquisition, the director now owns 1,611,510 shares of the company’s stock, valued at approximately $6,397,694.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Alan L. Tyson acquired 32,240 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was purchased at an average price of $4.00 per share, for a total transaction of $128,960.00. Following the acquisition, the director now directly owns 270,404 shares in the company, valued at approximately $1,081,616. The disclosure for this purchase can be found here. Insiders acquired a total of 1,512,909 shares of company stock worth $7,046,519 in the last 90 days. 7.20% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in DS. Vivaldi Asset Management LLC purchased a new position in Drive Shack in the 3rd quarter valued at $3,212,000. Broad Run Investment Management LLC lifted its holdings in Drive Shack by 42.1% in the 2nd quarter. Broad Run Investment Management LLC now owns 2,900,050 shares of the real estate investment trust’s stock valued at $9,135,000 after purchasing an additional 858,570 shares in the last quarter. American Assets Capital Advisers increased its stake in shares of Drive Shack by 38.3% in the 3rd quarter. American Assets Capital Advisers now owns 3,080,831 shares of the real estate investment trust’s stock worth $11,122,000 after acquiring an additional 852,819 shares during the last quarter. State Street Corp increased its stake in shares of Drive Shack by 626.6% in the 2nd quarter. State Street Corp now owns 741,630 shares of the real estate investment trust’s stock worth $2,335,000 after acquiring an additional 639,566 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Drive Shack by 253.2% in the 2nd quarter. Northern Trust Corp now owns 790,062 shares of the real estate investment trust’s stock worth $2,488,000 after acquiring an additional 566,369 shares during the last quarter. Institutional investors own 43.62% of the company’s stock.

TRADEMARK VIOLATION WARNING: “Zacks Investment Research Downgrades Drive Shack (DS) to Hold” was published by Chaffey Breeze and is owned by of Chaffey Breeze. If you are accessing this piece on another site, it was illegally copied and republished in violation of U.S. and international trademark & copyright legislation. The correct version of this piece can be read at https://www.chaffeybreeze.com/2018/01/04/zacks-investment-research-downgrades-drive-shack-ds-to-hold.html.

About Drive Shack

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.

Receive News & Ratings for Drive Shack Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Drive Shack and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply