Drive Shack (DS) Rating Increased to Outperform at Imperial Capital

Drive Shack (NYSE:DS) was upgraded by Imperial Capital from an “in-line” rating to an “outperform” rating in a research note issued to investors on Monday, Marketbeat reports. The brokerage currently has a $7.00 price target on the real estate investment trust’s stock, up from their prior price target of $5.00. Imperial Capital’s price objective indicates a potential upside of 34.62% from the company’s current price. Imperial Capital also issued estimates for Drive Shack’s Q1 2019 earnings at ($0.16) EPS, Q2 2019 earnings at ($0.06) EPS, Q3 2019 earnings at ($0.04) EPS, Q4 2019 earnings at ($0.01) EPS, Q1 2020 earnings at ($0.06) EPS, Q2 2020 earnings at ($0.03) EPS, Q3 2020 earnings at ($0.06) EPS, Q4 2020 earnings at ($0.07) EPS and FY2021 earnings at ($0.26) EPS.

Shares of DS stock opened at $5.20 on Monday. Drive Shack has a 1 year low of $3.55 and a 1 year high of $8.06. The company has a quick ratio of 2.79, a current ratio of 2.79 and a debt-to-equity ratio of 2.19. The firm has a market cap of $323.76 million, a PE ratio of -12.09 and a beta of 1.30.

Drive Shack (NYSE:DS) last issued its quarterly earnings data on Thursday, March 14th. The real estate investment trust reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.20). Drive Shack had a negative net margin of 12.31% and a negative return on equity of 26.65%. The business had revenue of $69.29 million for the quarter. On average, sell-side analysts forecast that Drive Shack will post -0.4 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in shares of Drive Shack by 29.6% during the 4th quarter. FMR LLC now owns 10,054,065 shares of the real estate investment trust’s stock valued at $39,412,000 after buying an additional 2,296,773 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Drive Shack by 2.6% during the 4th quarter. BlackRock Inc. now owns 3,409,679 shares of the real estate investment trust’s stock valued at $13,365,000 after buying an additional 87,769 shares in the last quarter. Vanguard Group Inc lifted its stake in shares of Drive Shack by 0.9% during the 3rd quarter. Vanguard Group Inc now owns 2,701,315 shares of the real estate investment trust’s stock valued at $16,100,000 after buying an additional 23,876 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Drive Shack by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 2,701,315 shares of the real estate investment trust’s stock valued at $16,100,000 after buying an additional 23,876 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Drive Shack by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,094,754 shares of the real estate investment trust’s stock valued at $8,212,000 after buying an additional 22,896 shares in the last quarter. Institutional investors own 57.09% of the company’s stock.

About Drive Shack

Drive Shack Inc owns and operates golf-related leisure and entertainment businesses. Its Traditional Golf Properties segment owns and operates golf properties in the United States. As of March 31, 2018, it owned, leased, or managed 74 properties in 12 states. The company's Entertainment Golf Venues segment operates an entertainment golf venue in Orlando, Florida.

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