DRDGOLD (NYSE:DRD) Shares Gap Up – Should You Buy?

DRDGOLD Limited (NYSE:DRD)’s stock price 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 equities research analysts have recently issued reports on DRD shares. Weiss Ratings restated a “buy (b-)” rating on shares of DRDGOLD in a report on Monday. Wall Street Zen downgraded DRDGOLD from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 4th. Zacks Research lowered DRDGOLD from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, HC Wainwright restated a “buy” rating and issued a $35.00 price target on shares of DRDGOLD in a report on Thursday, July 16th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, DRDGOLD presently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

DRDGOLD Stock Up 5.6%

The business has a 50 day simple moving average of $22.35 and a 200 day simple moving average of $28.39.

Hedge Funds Weigh In On DRDGOLD

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DRD. Banque Cantonale Vaudoise acquired a new stake in shares of DRDGOLD during the fourth quarter worth about $42,000. Farther Finance Advisors LLC lifted its stake in shares of DRDGOLD by 33.5% in the 4th quarter. Farther Finance Advisors LLC now owns 2,256 shares of the basic materials company’s stock valued at $70,000 after purchasing an additional 566 shares during the period. Osaic Holdings Inc. boosted its stake in shares of DRDGOLD by 11.5% during the 2nd quarter. Osaic Holdings Inc. now owns 6,892 shares of the basic materials company’s stock worth $92,000 after acquiring an additional 713 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in DRDGOLD during the third quarter worth approximately $102,000. Finally, Blue Trust Inc. grew its stake in DRDGOLD by 21.8% in the 4th quarter. Blue Trust Inc. now owns 4,476 shares of the basic materials company’s stock valued at $139,000 after acquiring an additional 800 shares during the period. Hedge funds and other institutional investors own 14.70% of the company’s stock.

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.