DRDGOLD (NYSE:DRD) Shares Gap Up – Time to Buy?

DRDGOLD Limited (NYSE:DRD)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $9.30, but opened at $9.77. DRDGOLD shares last traded at $9.69, with a volume of 49,648 shares.

Wall Street Analyst Weigh In

Several brokerages recently commented on DRD. HC Wainwright upped their target price on DRDGOLD from $13.25 to $17.25 and gave the company a “buy” rating in a report on Wednesday. StockNews.com cut shares of DRDGOLD from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th.

DRDGOLD Price Performance

The business has a 50 day moving average price of $9.27 and a 200-day moving average price of $9.65.

Hedge Funds Weigh In On DRDGOLD

Several institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp grew its position in shares of DRDGOLD by 24.2% during the 3rd quarter. Van ECK Associates Corp now owns 6,621,470 shares of the basic materials company’s stock worth $63,831,000 after buying an additional 1,291,541 shares during the period. American Century Companies Inc. increased its stake in DRDGOLD by 36.8% in the second quarter. American Century Companies Inc. now owns 679,600 shares of the basic materials company’s stock valued at $5,851,000 after purchasing an additional 182,900 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of DRDGOLD by 12.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 435,243 shares of the basic materials company’s stock valued at $4,196,000 after purchasing an additional 48,442 shares during the period. U S Global Investors Inc. acquired a new stake in shares of DRDGOLD in the 3rd quarter valued at about $2,388,000. Finally, Marshall Wace LLP increased its position in DRDGOLD by 34.3% in the 2nd quarter. Marshall Wace LLP now owns 208,006 shares of the basic materials company’s stock valued at $1,791,000 after buying an additional 53,081 shares in the last quarter. 14.70% of the stock is owned by institutional investors and hedge funds.

About DRDGOLD

DRDGOLD Limited, a gold mining company, engages in the surface gold tailings retreatment business in South Africa. It also involved in the exploration, extraction, processing, and smelting activities. The company recovers gold from surface tailings in the Witwatersrand basin in Gauteng province. DRDGOLD Limited was formerly known as Durban Roodepoort Deep Limited and changed its name to DRDGOLD Limited in 2004.