Drive Shack Inc. (DS) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Drive Shack Inc. (NYSE:DS) from a buy rating to a hold rating in a research note published on Thursday.

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) opened at 3.67 on Thursday. Drive Shack has a one year low of $2.41 and a one year high of $4.69. The stock has a 50 day moving average price of $3.31 and a 200 day moving average price of $3.30. The company’s market cap is $245.64 million.

Drive Shack (NYSE:DS) last posted its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.15. Drive Shack had a negative net margin of 7.05% and a positive return on equity of 25.92%. The company had revenue of $81.36 million for the quarter, compared to analyst estimates of $84.48 million. During the same quarter in the prior year, the business posted $0.21 EPS. The firm’s revenue was down 3.7% compared to the same quarter last year. On average, equities analysts anticipate that Drive Shack will post $0.32 EPS for the current fiscal year.

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Institutional investors and hedge funds have recently bought and sold shares of the stock. Marshall Wace North America L.P. acquired a new stake in shares of Drive Shack in the 2nd quarter worth about $1,140,000. Morgan Stanley raised its holdings in shares of Drive Shack by 11.2% in the 1st quarter. Morgan Stanley now owns 622,885 shares of the real estate investment trust’s stock worth $2,585,000 after acquiring an additional 62,947 shares during the last quarter. Boston Partners increased its stake in Drive Shack by 20.9% in the 2nd quarter. Boston Partners now owns 1,007,793 shares of the real estate investment trust’s stock valued at $3,175,000 after buying an additional 174,199 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in Drive Shack in the 1st quarter valued at about $1,941,000. Finally, Goldman Sachs Group Inc. increased its stake in Drive Shack by 205.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 381,973 shares of the real estate investment trust’s stock valued at $1,585,000 after buying an additional 256,975 shares during the last quarter. Institutional investors own 41.78% of the company’s stock.

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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