Drive Shack (DS) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Drive Shack (NYSE:DS) from a buy rating to a hold rating in a research report sent to investors on Monday, Zacks.com reports.

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. “

A number of other equities research analysts also recently issued reports on the company. Imperial Capital raised Drive Shack from an in-line rating to an outperform rating and increased their price target for the stock from $5.00 to $7.00 in a research report on Monday, March 18th. ValuEngine downgraded Drive Shack from a buy rating to a hold rating in a research report on Monday, April 1st.

Shares of NYSE:DS opened at $4.85 on Monday. The company has a market cap of $325.23 million, a P/E ratio of -11.28 and a beta of 1.35. Drive Shack has a 1 year low of $3.55 and a 1 year high of $8.06. The company has a debt-to-equity ratio of 5.39, a quick ratio of 2.94 and a current ratio of 2.94.

Drive Shack (NYSE:DS) last issued its quarterly earnings results on Friday, May 10th. The real estate investment trust reported ($0.18) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.02). The company had revenue of $53.95 million for the quarter, compared to analyst estimates of $55.13 million. Drive Shack had a negative return on equity of 39.60% and a negative net margin of 12.26%. On average, analysts anticipate that Drive Shack will post -0.28 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of DS. FMR LLC grew its position in Drive Shack by 29.6% during the fourth quarter. FMR LLC now owns 10,054,065 shares of the real estate investment trust’s stock worth $39,412,000 after buying an additional 2,296,773 shares in the last quarter. American Assets Capital Advisers LLC grew its position in Drive Shack by 15.8% during the first quarter. American Assets Capital Advisers LLC now owns 4,994,724 shares of the real estate investment trust’s stock worth $22,427,000 after buying an additional 680,724 shares in the last quarter. BlackRock Inc. grew its position in Drive Shack by 6.5% during the third quarter. BlackRock Inc. now owns 3,321,910 shares of the real estate investment trust’s stock worth $19,798,000 after buying an additional 204,055 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Drive Shack by 483.6% during the first quarter. JPMorgan Chase & Co. now owns 90,148 shares of the real estate investment trust’s stock worth $405,000 after purchasing an additional 74,702 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Drive Shack by 57.1% during the first quarter. Renaissance Technologies LLC now owns 171,700 shares of the real estate investment trust’s stock worth $771,000 after purchasing an additional 62,400 shares during the last quarter. 58.19% of the stock is currently owned by institutional investors and hedge funds.

About Drive Shack

Drive Shack Inc owns and operates golf-related leisure and entertainment businesses. Its Entertainment Golf Venues segment operates an entertainment golf venue in Orlando, Florida. This segment also focuses on opening a chain of dining and entertainment golf venues in the United States and internationally, which combine golf, competition, dining, and fun.

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