Zacks Investment Research cut shares of Drive Shack Inc. (NYSE:DS) from a hold rating to a sell rating in a research note issued to investors on Wednesday.
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. “
Shares of Drive Shack (NYSE DS) traded up 1.32% during midday trading on Wednesday, reaching $3.06. 205,620 shares of the company’s stock traded hands. Drive Shack has a 52 week low of $2.88 and a 52 week high of $4.88. The stock’s 50 day moving average is $3.29 and its 200-day moving average is $3.92. The company’s market capitalization is $204.54 million.
Drive Shack (NYSE:DS) last announced its quarterly earnings results on Friday, May 5th. The real estate investment trust reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. Drive Shack had a positive return on equity of 20.65% and a negative net margin of 5.07%. The business had revenue of $59.10 million during the quarter, compared to analysts’ expectations of $63.02 million. The business’s quarterly revenue was down 5.0% on a year-over-year basis. On average, analysts forecast that Drive Shack will post $0.32 earnings per share for the current fiscal year.
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In related news, Director Alan L. Tyson acquired 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The shares were acquired at an average price of $3.81 per share, with a total value of $381,000.00. Following the completion of the purchase, the director now directly owns 175,069 shares in the company, valued at $667,012.89. The purchase was disclosed in a document filed with the SEC, which is available through this link. 7.20% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new stake in shares of Drive Shack during the fourth quarter worth about $3,505,000. FMR LLC acquired a new stake in shares of Drive Shack during the fourth quarter worth about $6,675,000. Laurion Capital Management LP acquired a new stake in shares of Drive Shack during the first quarter worth about $574,000. First Trust Advisors LP acquired a new stake in shares of Drive Shack during the first quarter worth about $210,000. Finally, Levin Capital Strategies L.P. raised its stake in shares of Drive Shack by 11.8% in the first quarter. Levin Capital Strategies L.P. now owns 57,620 shares of the real estate investment trust’s stock worth $239,000 after buying an additional 6,102 shares during the last quarter. 37.68% of the stock is currently owned by institutional investors and hedge funds.
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.
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