Drive Shack Inc. (NYSE:DS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $4.00 price target on the real estate investment trust’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 9.89% 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) remained flat at $3.64 during midday trading on Tuesday. The stock had a trading volume of 301,826 shares. The firm’s 50 day moving average price is $3.34 and its 200-day moving average price is $3.28. The firm’s market cap is $243.63 million. Drive Shack has a 12-month low of $2.41 and a 12-month high of $4.69.

Drive Shack (NYSE:DS) last announced its quarterly earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.15. Drive Shack had a positive return on equity of 25.92% and a negative net margin of 7.05%. The company had revenue of $81.36 million during the quarter, compared to the consensus estimate of $84.48 million. During the same period in the prior year, the company earned $0.21 earnings per share. The company’s revenue for the quarter 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 year.

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Several hedge funds have recently bought and sold shares of the company. Broad Run Investment Management LLC boosted its position in shares of Drive Shack by 42.1% during the second quarter. Broad Run Investment Management LLC now owns 2,900,050 shares of the real estate investment trust’s stock worth $9,135,000 after buying an additional 858,570 shares during the period. Punch & Associates Investment Management Inc. boosted its position in shares of Drive Shack by 2.2% during the second quarter. Punch & Associates Investment Management Inc. now owns 2,466,122 shares of the real estate investment trust’s stock worth $7,768,000 after buying an additional 53,175 shares during the period. American Assets Capital Advisers boosted its position in shares of Drive Shack by 6.2% during the second quarter. American Assets Capital Advisers now owns 2,228,012 shares of the real estate investment trust’s stock worth $6,996,000 after buying an additional 130,585 shares during the period. Boston Partners boosted its position in shares of Drive Shack by 20.9% during the second quarter. Boston Partners now owns 1,007,793 shares of the real estate investment trust’s stock worth $3,175,000 after buying an additional 174,199 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Drive Shack by 83.4% during the second quarter. Dimensional Fund Advisors LP now owns 857,879 shares of the real estate investment trust’s stock worth $2,702,000 after buying an additional 390,186 shares during the period. 41.68% of the stock is owned by institutional investors.

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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