Drive Shack (DS) Trading 5.8% Higher

Drive Shack Inc (NYSE:DS) shares traded up 5.8% during trading on Friday . The company traded as high as $5.83 and last traded at $5.81. 1,225,467 shares changed hands during mid-day trading, an increase of 109% from the average session volume of 586,440 shares. The stock had previously closed at $5.49.

Separately, Zacks Investment Research upgraded shares of Drive Shack from a “hold” rating to a “strong-buy” rating and set a $4.50 price target on the stock in a report on Monday, November 6th.

The company has a debt-to-equity ratio of 1.25, a current ratio of 5.85 and a quick ratio of 5.85. The stock has a market capitalization of $375.67, a price-to-earnings ratio of 17.00 and a beta of 1.62.

Drive Shack (NYSE:DS) last posted its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.13 EPS for the quarter, topping the Zacks’ 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 negative net margin of 12.99% and a positive return on equity of 17.68%. The firm’s revenue was down 1.8% on a year-over-year basis. research analysts expect that Drive Shack Inc will post -0.41 earnings per share for the current fiscal year.

In other Drive Shack news, Director Wesley R. Edens acquired 482,697 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was bought at an average cost of $6.00 per share, with a total value of $2,896,182.00. Following the completion of the purchase, the director now directly owns 2,737,094 shares in the company, valued at $16,422,564. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Wesley R. Edens acquired 561,317 shares of the stock in a transaction that occurred on Tuesday, November 14th. The stock was acquired at an average cost of $4.09 per share, with a total value of $2,295,786.53. Following the completion of the purchase, the director now owns 1,816,729 shares of the company’s stock, valued at $7,430,421.61. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 1,512,909 shares of company stock worth $7,046,519. Company insiders own 7.20% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund purchased a new stake in Drive Shack in the second quarter worth about $132,000. Mackenzie Financial Corp lifted its stake in Drive Shack by 68.6% in the third quarter. Mackenzie Financial Corp now owns 38,060 shares of the real estate investment trust’s stock worth $137,000 after acquiring an additional 15,488 shares during the period. Northeast Investment Management lifted its stake in Drive Shack by 155.0% in the second 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. Nationwide Fund Advisors lifted its stake in Drive Shack by 114.1% in the third quarter. Nationwide Fund Advisors now owns 43,582 shares of the real estate investment trust’s stock worth $157,000 after acquiring an additional 23,224 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in Drive Shack by 2,622.7% in the second 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. 43.73% of the stock is 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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