DRDGOLD (NYSE:DRD) Stock Price Up 2.6% – Here’s Why

DRDGOLD Limited (NYSE:DRD) shares rose 2.6% during mid-day trading on Wednesday . The company traded as high as $8.94 and last traded at $8.94. Approximately 57,575 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 151,678 shares. The stock had previously closed at $8.71.

Wall Street Analyst Weigh In

DRD has been the topic of a number of recent research reports. StockNews.com lowered DRDGOLD from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. HC Wainwright reaffirmed a “buy” rating and issued a $13.25 price objective on shares of DRDGOLD in a research note on Friday, October 18th.

DRDGOLD Stock Up 2.2 %

The firm has a market cap of $801.47 million, a price-to-earnings ratio of 8.75 and a beta of 1.05. The firm has a 50 day moving average of $9.53 and a 200 day moving average of $9.60.

Institutional Investors Weigh In On DRDGOLD

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

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.