Wesley R. Edens Acquires 398,895 Shares of Drive Shack Inc. (DS) Stock
Drive Shack Inc. (NYSE:DS) Director Wesley R. Edens bought 398,895 shares of the stock in a transaction dated Thursday, November 9th. The stock was purchased at an average cost of $3.97 per share, with a total value of $1,583,613.15. Following the completion of the purchase, the director now directly owns 1,611,510 shares in the company, valued at approximately $6,397,694.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of Drive Shack Inc. (DS) opened at $4.07 on Friday. The company has a market capitalization of $271.20, a price-to-earnings ratio of 12.27 and a beta of 1.35. Drive Shack Inc. has a 52 week low of $2.41 and a 52 week high of $4.55. The company has a debt-to-equity ratio of 1.25, a current ratio of 5.85 and a quick ratio of 5.85.
Drive Shack (NYSE:DS) last released its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.19. The company had revenue of $81.70 million during the quarter, compared to analysts’ expectations of $81.50 million. Drive Shack had a positive return on equity of 17.68% and a negative net margin of 12.99%. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. sell-side analysts predict that Drive Shack Inc. will post -0.41 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. New York State Common Retirement Fund bought a new position in shares of Drive Shack in the 2nd quarter worth $132,000. Northeast Investment Management boosted its position in shares of Drive Shack by 155.0% in the 2nd quarter. Northeast Investment Management now owns 46,345 shares of the real estate investment trust’s stock worth $146,000 after purchasing an additional 28,170 shares during the last quarter. Nationwide Fund Advisors boosted its position in shares of Drive Shack by 114.1% in the 3rd quarter. Nationwide Fund Advisors now owns 43,582 shares of the real estate investment trust’s stock worth $157,000 after purchasing an additional 23,224 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Drive Shack by 2,622.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 59,219 shares of the real estate investment trust’s stock worth $187,000 after purchasing an additional 57,044 shares during the last quarter. Finally, Rhumbline Advisers bought a new position in shares of Drive Shack in the 2nd quarter worth $207,000. 42.91% of the stock is owned by institutional investors.
Separately, Zacks Investment Research cut Drive Shack from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th.
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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