DRDGOLD (NYSE:DRD) Reaches New 12-Month High – Here’s Why

DRDGOLD Limited (NYSE:DRD) shares hit a new 52-week high on Monday . The company traded as high as $38.73 and last traded at $38.78, with a volume of 61280 shares trading hands. The stock had previously closed at $37.43.

Analysts Set New Price Targets

DRD has been the topic of a number of research analyst reports. HC Wainwright lifted their target price on DRDGOLD to $36.25 and gave the company a “buy” rating in a report on Friday, October 17th. Weiss Ratings restated a “buy (b)” rating on shares of DRDGOLD in a report on Wednesday. Zacks Research upgraded DRDGOLD from a “strong sell” rating to a “hold” rating in a report on Monday, November 24th. Finally, Wall Street Zen downgraded shares of DRDGOLD from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 3rd. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, DRDGOLD presently has an average rating of “Moderate Buy” and an average price target of $36.25.

DRDGOLD Stock Performance

The business’s 50-day moving average price is $31.49 and its 200 day moving average price is $25.02.

Hedge Funds Weigh In On DRDGOLD

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DRD. Savant Capital LLC purchased a new position in DRDGOLD in the second quarter valued at about $182,000. GAMMA Investing LLC increased its holdings in DRDGOLD by 29.7% during the 2nd quarter. GAMMA Investing LLC now owns 6,422 shares of the basic materials company’s stock worth $86,000 after purchasing an additional 1,469 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in shares of DRDGOLD in the 2nd quarter valued at approximately $2,505,000. Kiker Wealth Management LLC purchased a new position in shares of DRDGOLD during the 2nd quarter valued at approximately $142,000. Finally, Stonehage Fleming Financial Services Holdings Ltd purchased a new position in shares of DRDGOLD during the 2nd quarter valued at approximately $291,000. 14.70% of the stock is owned by hedge funds and other institutional investors.

About DRDGOLD

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.