Drive Shack Inc. (NYSE:DS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $4.25 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 14.56% from the stock’s previous close.
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 (NYSE DS) traded up 0.54% during midday trading on Tuesday, hitting $3.71. The stock had a trading volume of 176,914 shares. Drive Shack has a 52 week low of $2.41 and a 52 week high of $4.69. The stock’s market cap is $248.32 million. The company has a 50-day moving average price of $3.17 and a 200-day moving average price of $3.30.
Drive Shack (NYSE:DS) last posted its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.15. The company had revenue of $81.36 million during the quarter, compared to the consensus estimate of $84.48 million. Drive Shack had a positive return on equity of 25.92% and a negative net margin of 7.05%. The firm’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.21 EPS. Equities analysts expect that Drive Shack will post $0.32 EPS for the current year.
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Several hedge funds have recently bought and sold shares of DS. New York State Common Retirement Fund bought a new position in shares of Drive Shack during the 2nd quarter worth $132,000. Northeast Investment Management grew its stake in shares of Drive Shack by 155.0% during the 2nd quarter. Northeast Investment Management now owns 46,345 shares of the real estate investment trust’s stock worth $146,000 after acquiring an additional 28,170 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Drive Shack by 2,622.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 59,219 shares of the real estate investment trust’s stock worth $187,000 after acquiring an additional 57,044 shares during the period. Rhumbline Advisers bought a new position in shares of Drive Shack during the 2nd quarter worth $207,000. Finally, First Trust Advisors LP bought a new position in shares of Drive Shack during the 1st quarter worth $210,000. Institutional investors own 41.78% of the company’s stock.
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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