DRDGOLD (NYSE:DRD) Shares Pass Above 200-Day Moving Average – Here’s Why

DRDGOLD Limited (NYSE:DRD) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $21.36 and traded as high as $30.69. DRDGOLD shares last traded at $29.65, with a volume of 603,883 shares traded.

Analysts Set New Price Targets

A number of research analysts have commented on DRD shares. Weiss Ratings reiterated 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 report on Monday, November 24th. Finally, HC Wainwright boosted their price target on shares of DRDGOLD to $36.25 and gave the stock a “buy” rating in a research note on Friday, October 17th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.25.

DRDGOLD Price Performance

The company has a 50-day simple moving average of $27.95 and a two-hundred day simple moving average of $21.36.

Institutional Investors Weigh In On DRDGOLD

A number of large investors have recently added to or reduced their stakes in DRD. Arrowstreet Capital Limited Partnership raised its stake 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 valued at $27,299,000 after acquiring an additional 697,840 shares during the last quarter. American Century Companies Inc. increased its holdings in 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 purchasing an additional 4,030 shares during the period. Amundi bought a new position in DRDGOLD during the 3rd quarter valued at approximately $17,467,000. Connor Clark & Lunn Investment Management Ltd. raised its position in DRDGOLD by 1.2% during the 3rd 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. Finally, Millennium Management LLC lifted its holdings in DRDGOLD by 91.9% in the 3rd quarter. Millennium Management LLC now owns 397,000 shares of the basic materials company’s stock worth $10,957,000 after buying an additional 190,152 shares during the period. Institutional investors own 14.70% of the company’s stock.

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.