DRDGOLD (NYSE:DRD) Trading Down 3.6% – Here’s What Happened
by Scott Moore · The Cerbat GemDRDGOLD Limited (NYSE:DRD – Get Free Report) shares were down 3.6% during mid-day trading on Wednesday . The stock traded as low as $32.60 and last traded at $32.88. Approximately 128,509 shares were traded during trading, a decline of 76% from the average daily volume of 535,313 shares. The stock had previously closed at $34.11.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on DRD shares. HC Wainwright lifted their price target on shares of DRDGOLD to $36.25 and gave the company a “buy” rating in a report on Friday, October 17th. Wall Street Zen raised shares of DRDGOLD from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Weiss Ratings restated a “buy (b)” rating on shares of DRDGOLD in a report on Wednesday, October 8th. Finally, Zacks Research upgraded DRDGOLD from a “strong sell” rating to a “hold” rating in a report on Monday, November 24th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.25.
Get Our Latest Research Report on DRD
DRDGOLD Stock Down 2.8%
The firm’s 50 day moving average price is $28.19 and its 200-day moving average price is $21.81.
Institutional Investors Weigh In On DRDGOLD
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership lifted its holdings in DRDGOLD by 239.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 989,089 shares of the basic materials company’s stock valued at $27,299,000 after purchasing an additional 697,840 shares in the last quarter. Amundi purchased a new position in shares of DRDGOLD during the 3rd quarter valued at $17,467,000. Millennium Management LLC boosted its holdings in DRDGOLD by 91.9% in the 3rd quarter. Millennium Management LLC now owns 397,000 shares of the basic materials company’s stock worth $10,957,000 after buying an additional 190,152 shares during the period. Rockefeller Capital Management L.P. purchased a new stake in DRDGOLD in the 2nd quarter worth $2,505,000. Finally, Acadian Asset Management LLC purchased a new stake in DRDGOLD in the 1st quarter worth $2,055,000. 14.70% of the stock is owned by hedge funds and other institutional investors.
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.