DRDGOLD (NYSE:DRD) Hits New 12-Month High – What’s Next?

Shares of DRDGOLD Limited (NYSE:DRD) hit a new 52-week high on Tuesday . The stock traded as high as $38.20 and last traded at $37.77, with a volume of 79705 shares trading hands. The stock had previously closed at $36.24.

Wall Street Analyst Weigh In

Several brokerages have weighed in on DRD. Weiss Ratings reissued a “buy (b)” rating on shares of DRDGOLD in a research report on Wednesday, October 8th. Zacks Research raised shares of DRDGOLD from a “strong sell” rating to a “hold” rating in a research note on Monday, November 24th. HC Wainwright raised their target price on DRDGOLD to $36.25 and gave the stock a “buy” rating in a research note on Friday, October 17th. Finally, Wall Street Zen lowered DRDGOLD from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 3rd. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $36.25.

DRDGOLD Trading Up 3.7%

The stock’s 50-day moving average is $30.75 and its two-hundred day moving average is $24.36.

Hedge Funds Weigh In On DRDGOLD

Institutional investors and hedge funds have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership increased its holdings in DRDGOLD by 239.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 989,089 shares of the basic materials company’s stock valued at $27,299,000 after buying an additional 697,840 shares during the last quarter. American Century Companies Inc. grew its position in shares of DRDGOLD by 0.4% during the 2nd quarter. American Century Companies Inc. now owns 945,945 shares of the basic materials company’s stock valued at $12,609,000 after acquiring an additional 4,030 shares during the period. Amundi bought a new position in DRDGOLD in the 3rd quarter worth $17,467,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in DRDGOLD by 1.2% during 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 in the last quarter. Finally, Millennium Management LLC grew its holdings in DRDGOLD by 91.9% during 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. 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.