DRDGOLD (NYSE:DRD) Trading 4.3% Higher – Here’s Why

DRDGOLD Limited (NYSE:DRD) was up 4.3% during mid-day trading on Monday . The stock traded as high as $10.55 and last traded at $10.51. Approximately 135,050 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 213,664 shares. The stock had previously closed at $10.07.

Wall Street Analyst Weigh In

Separately, HC Wainwright raised their price objective on DRDGOLD from $13.25 to $17.25 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd.

DRDGOLD Trading Up 0.5 %

The business has a 50-day moving average price of $9.37 and a two-hundred day moving average price of $9.67.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DRD. Van ECK Associates Corp increased its holdings in 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 purchasing an additional 1,291,541 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in 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 worth $4,196,000 after buying an additional 48,442 shares in the last quarter. U S Global Investors Inc. purchased a new stake in DRDGOLD in the 3rd quarter valued at $2,388,000. ABC Arbitrage SA bought a new position in DRDGOLD during the 4th quarter valued at $1,140,000. Finally, JPMorgan Chase & Co. boosted its holdings in DRDGOLD by 11.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 93,206 shares of the basic materials company’s stock worth $899,000 after acquiring an additional 9,765 shares during the last quarter. 14.70% of the stock is currently owned by institutional investors and hedge funds.

DRDGOLD Company Profile

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.