Zacks Investment Research Upgrades Drive Shack Inc. (NYSE:DS) to Strong-Buy

Drive Shack Inc. (NYSE:DS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday, November 6th. The brokerage currently has a $4.50 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price target suggests a potential downside of 24.24% from the stock’s current price.

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 $0.05 during mid-day trading on Monday, reaching $5.94. The company had a trading volume of 439,707 shares, compared to its average volume of 753,511. The firm has a market cap of $394.42, a PE ratio of 17.85 and a beta of 1.35. Drive Shack has a 1 year low of $2.41 and a 1 year high of $6.20. The company has a debt-to-equity ratio of 1.25, a current ratio of 5.85 and a quick ratio of 5.85.

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

In related news, Director Alan L. Tyson purchased 37,760 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were purchased at an average price of $3.76 per share, for a total transaction of $141,977.60. Following the transaction, the director now directly owns 228,764 shares of the company’s stock, valued at approximately $860,152.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alan L. Tyson purchased 32,240 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The stock was bought at an average price of $4.00 per share, for a total transaction of $128,960.00. Following the transaction, the director now directly owns 270,404 shares in the company, valued at $1,081,616. The disclosure for this purchase can be found here. Insiders purchased 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 institutional investors and hedge funds have recently made changes to their positions in the business. Cubist Systematic Strategies LLC boosted its holdings in Drive Shack by 2.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 72,428 shares of the real estate investment trust’s stock valued at $228,000 after purchasing an additional 1,490 shares in the last quarter. Royal Bank of Canada boosted its holdings in Drive Shack by 5.2% in the 2nd quarter. Royal Bank of Canada now owns 117,565 shares of the real estate investment trust’s stock valued at $370,000 after purchasing an additional 5,800 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Drive Shack by 2.6% in the 1st quarter. Bank of New York Mellon Corp now owns 301,257 shares of the real estate investment trust’s stock valued at $1,250,000 after purchasing an additional 7,760 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Drive Shack by 5.6% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 258,398 shares of the real estate investment trust’s stock valued at $933,000 after purchasing an additional 13,648 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Drive Shack by 68.6% in the 3rd quarter. Mackenzie Financial Corp now owns 38,060 shares of the real estate investment trust’s stock valued at $137,000 after purchasing an additional 15,488 shares in the last quarter. 43.88% of the stock is currently owned by institutional investors.

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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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