DRDGOLD (NYSE:DRD) Shares Gap Down – Here’s What Happened

DRDGOLD Limited (NYSE:DRD) shares gapped down before the market opened on Tuesday . The stock had previously closed at $35.65, but opened at $33.28. DRDGOLD shares last traded at $32.3930, with a volume of 138,158 shares traded.

Wall Street Analyst Weigh In

Several research firms have commented on DRD. Zacks Research upgraded DRDGOLD from a “strong sell” rating to a “hold” rating in a research note on Monday, November 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of DRDGOLD in a research report on Wednesday, January 21st. HC Wainwright increased their price objective on DRDGOLD to $46.50 and gave the company a “buy” rating in a research note on Friday, January 30th. Finally, Wall Street Zen cut shares of DRDGOLD from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 3rd. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.50.

DRDGOLD Stock Down 7.6%

The firm’s fifty day simple moving average is $33.44 and its two-hundred day simple moving average is $27.37.

Institutional Investors Weigh In On DRDGOLD

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DRD. Arrowstreet Capital Limited Partnership lifted its stake in shares of DRDGOLD by 239.6% in the 3rd 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 during the last quarter. Amundi acquired a new position in DRDGOLD in the third quarter valued at about $17,467,000. Millennium Management LLC lifted its position in DRDGOLD by 91.9% in the third quarter. Millennium Management LLC now owns 397,000 shares of the basic materials company’s stock valued at $10,957,000 after buying an additional 190,152 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new position in DRDGOLD during the second quarter worth about $2,505,000. Finally, Man Group plc acquired a new stake in shares of DRDGOLD during the third quarter valued at about $3,477,000. Institutional investors and hedge funds own 14.70% of the company’s stock.

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.