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

DRDGOLD Limited (NYSE:DRD) gapped down prior to trading on Monday . The stock had previously closed at $24.37, but opened at $22.59. DRDGOLD shares last traded at $22.8270, with a volume of 84,642 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Wall Street Zen upgraded DRDGOLD from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 31st. Weiss Ratings downgraded shares of DRDGOLD from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Finally, Zacks Research raised shares of DRDGOLD from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to MarketBeat, DRDGOLD currently has a consensus rating of “Buy” and a consensus target price of $46.50.

DRDGOLD Stock Performance

The firm’s 50 day moving average is $27.32 and its two-hundred day moving average is $30.72.

Institutional Investors Weigh In On DRDGOLD

A number of hedge funds have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership raised its holdings in shares of DRDGOLD by 239.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 989,089 shares of the basic materials company’s stock worth $27,299,000 after acquiring an additional 697,840 shares during the period. Amundi bought a new position in DRDGOLD during the third quarter worth $17,467,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of DRDGOLD by 1.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 570,807 shares of the basic materials company’s stock valued at $15,754,000 after purchasing an additional 6,740 shares during the last quarter. Millennium Management LLC raised its position in shares of 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 purchasing an additional 190,152 shares during the period. Finally, Marshall Wace LLP lifted its stake in shares of DRDGOLD by 30.2% during the 4th quarter. Marshall Wace LLP now owns 391,702 shares of the basic materials company’s stock worth $12,147,000 after buying an additional 90,863 shares during the last quarter. 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.