DiamondRock Hospitality (NYSE:DRH) Sees Large Volume Increase - Time to Buy?

DiamondRock Hospitality Company (NYSE:DRH - Get Free Report) shares saw an uptick in trading volume on Wednesday . 5,194,685 shares traded hands during trading, an increase of 128% from the previous session's volume of 2,274,148 shares.The stock last traded at $7.62 and had previously closed at $7.54.

Analysts Set New Price Targets

A number of equities research analysts have commented on DRH shares. Stifel Nicolaus raised their price target on shares of DiamondRock Hospitality from $8.00 to $8.25 and gave the stock a "hold" rating in a report on Friday, May 2nd. Truist Financial reduced their price objective on DiamondRock Hospitality from $10.00 to $9.00 and set a "hold" rating for the company in a research note on Friday, May 30th. Morgan Stanley lowered their target price on DiamondRock Hospitality from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Bank of America upgraded DiamondRock Hospitality from an "underperform" rating to a "buy" rating and set a $9.50 target price on the stock in a report on Wednesday, April 30th. Finally, Wells Fargo & Company reduced their price target on shares of DiamondRock Hospitality from $10.50 to $9.50 and set an "equal weight" rating for the company in a research report on Tuesday, February 18th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $8.89.

DiamondRock Hospitality Stock Performance

The company has a debt-to-equity ratio of 0.69, a current ratio of 1.62 and a quick ratio of 1.62. The stock has a market cap of $1.57 billion, a PE ratio of 42.31, a price-to-earnings-growth ratio of 1.91 and a beta of 1.34. The business has a 50 day moving average price of $7.45 and a two-hundred day moving average price of $8.19.

DiamondRock Hospitality (NYSE:DRH - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.02. The company had revenue of $254.85 million for the quarter, compared to analysts' expectations of $256.47 million. DiamondRock Hospitality had a net margin of 4.57% and a return on equity of 3.18%. DiamondRock Hospitality's quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.17 earnings per share. As a group, equities research analysts forecast that DiamondRock Hospitality Company will post 0.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DRH. Van ECK Associates Corp boosted its holdings in DiamondRock Hospitality by 8.4% in the 4th quarter. Van ECK Associates Corp now owns 39,187 shares of the real estate investment trust's stock worth $354,000 after buying an additional 3,027 shares during the period. Asset Management One Co. Ltd. grew its holdings in DiamondRock Hospitality by 8.9% during the 4th quarter. Asset Management One Co. Ltd. now owns 320,909 shares of the real estate investment trust's stock valued at $2,956,000 after buying an additional 26,213 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in shares of DiamondRock Hospitality by 2.0% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 234,543 shares of the real estate investment trust's stock worth $2,118,000 after buying an additional 4,696 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of DiamondRock Hospitality during the 4th quarter valued at about $220,000. Finally, Bank of New York Mellon Corp lifted its position in shares of DiamondRock Hospitality by 7.7% in the fourth quarter. Bank of New York Mellon Corp now owns 1,924,700 shares of the real estate investment trust's stock worth $17,380,000 after buying an additional 137,200 shares in the last quarter.

DiamondRock Hospitality Company Profile

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 36 premium quality hotels with over 9,700 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment.

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