Drive Shack Inc. (DS) Hits New 52-Week Low at $2.59
Shares of Drive Shack Inc. (NYSE:DS) hit a new 52-week low during trading on Tuesday . The stock traded as low as $2.59 and last traded at $2.58, with a volume of 306,808 shares trading hands. The stock had previously closed at $2.64.
Separately, Zacks Investment Research downgraded Drive Shack from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th.
The company’s 50 day moving average is $3.00 and its 200 day moving average is $3.66. The stock’s market capitalization is $173.35 million.
Drive Shack (NYSE:DS) last announced its quarterly earnings data 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. The business had revenue of $81.36 million for the quarter, compared to analysts’ expectations of $84.48 million. Drive Shack had a negative net margin of 7.05% and a positive return on equity of 25.92%. The business’s revenue was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.21 earnings per share. Analysts anticipate that Drive Shack Inc. will post $0.32 earnings per share for the current year.
Large investors have recently made changes to their positions in the company. Advisory Services Network LLC acquired a new stake in shares of Drive Shack during the first quarter worth $118,000. New York State Common Retirement Fund acquired a new stake in shares of Drive Shack during the second quarter worth $132,000. Independent Advisor Alliance acquired a new stake in shares of Drive Shack during the first quarter worth $142,000. Northeast Investment Management boosted its stake in shares of 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 buying an additional 28,170 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of 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 buying an additional 57,044 shares during the period. Institutional investors and hedge funds own 40.13% of the company’s stock.
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Drive Shack Company Profile
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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