DRDGOLD (NYSE:DRD) Shares Gap Up – Still a Buy?

DRDGOLD Limited (NYSE:DRD) gapped up prior to trading on Wednesday . The stock had previously closed at $21.57, but opened at $23.27. DRDGOLD shares last traded at $22.99, with a volume of 113,063 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wall Street Zen lowered DRDGOLD from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 4th. HC Wainwright reiterated a “buy” rating and issued a $35.00 price objective on shares of DRDGOLD in a report on Thursday, July 16th. Weiss Ratings restated a “buy (b-)” rating on shares of DRDGOLD in a report on Monday. Finally, Zacks Research downgraded DRDGOLD from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, DRDGOLD presently has an average rating of “Hold” and a consensus target price of $35.00.

DRDGOLD Trading Up 4.7%

The company has a 50 day moving average of $22.21 and a 200 day moving average of $28.20.

Hedge Funds Weigh In On DRDGOLD

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE increased its stake in shares of DRDGOLD by 111.3% during the first quarter. Bank of America Corp DE now owns 34,630 shares of the basic materials company’s stock worth $1,017,000 after buying an additional 18,241 shares during the period. Amundi grew its holdings in DRDGOLD by 9.1% during the 1st quarter. Amundi now owns 507,710 shares of the basic materials company’s stock worth $14,911,000 after acquiring an additional 42,342 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in DRDGOLD by 21.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 5,895 shares of the basic materials company’s stock worth $173,000 after acquiring an additional 1,059 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of DRDGOLD in the 1st quarter valued at approximately $341,000. Finally, Renaissance Technologies LLC raised its holdings in shares of DRDGOLD by 58.3% in the 1st quarter. Renaissance Technologies LLC now owns 349,645 shares of the basic materials company’s stock valued at $10,269,000 after purchasing an additional 128,832 shares in the last quarter. 14.70% of the stock is owned by institutional investors and hedge funds.

DRDGOLD Company Profile

DRDGOLD (NYSE: DRD) is a South African gold producer focused on the retreatment of surface tailings from historic mining operations on the Witwatersrand Basin. The company recovers fine gold particles from low‐grade tailings using an integrated, carbon‐in‐leach (CIL) processing circuit that is designed to maximize yield and minimize environmental impact. DRDGOLD’s operations are centered on sustainable resource utilization, transforming previously discarded material into saleable gold doré bars.

The company operates two primary tailings retreatment facilities on the West Rand and East Rand of Gauteng Province.