Drive Shack (DS) Upgraded to “Hold” by Zacks Investment Research

Drive Shack (NYSE:DS) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors 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. “

Separately, ValuEngine cut Drive Shack from a “strong-buy” rating to a “buy” rating in a research report on Thursday, October 11th.

Shares of Drive Shack stock traded up $0.21 on Tuesday, reaching $5.72. 644,366 shares of the company were exchanged, compared to its average volume of 361,085. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 1.85. The stock has a market capitalization of $370.98 million, a price-to-earnings ratio of 27.24 and a beta of 1.28. Drive Shack has a 1-year low of $3.84 and a 1-year high of $8.06.

Drive Shack (NYSE:DS) last announced its quarterly earnings results on Friday, August 3rd. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.13). The company had revenue of $91.00 million for the quarter, compared to analyst estimates of $80.55 million. Drive Shack had a negative return on equity of 1.16% and a negative net margin of 14.73%. Sell-side analysts predict that Drive Shack will post -0.42 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Drive Shack by 1.7% during the 1st quarter. BlackRock Inc. now owns 2,966,872 shares of the real estate investment trust’s stock valued at $14,181,000 after purchasing an additional 49,352 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Drive Shack by 189.0% during the 1st quarter. JPMorgan Chase & Co. now owns 323,680 shares of the real estate investment trust’s stock valued at $1,547,000 after purchasing an additional 211,690 shares in the last quarter. California Public Employees Retirement System boosted its stake in Drive Shack by 14.0% during the 1st quarter. California Public Employees Retirement System now owns 117,112 shares of the real estate investment trust’s stock valued at $560,000 after purchasing an additional 14,413 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Drive Shack by 11.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,996,028 shares of the real estate investment trust’s stock valued at $9,541,000 after purchasing an additional 208,751 shares in the last quarter. Finally, Essex Investment Management Co. LLC bought a new position in Drive Shack during the 2nd quarter valued at $382,000. Hedge funds and other institutional investors own 56.27% 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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