DRDGOLD (NYSE:DRD) Sets New 52-Week High – Still a Buy?

DRDGOLD Limited (NYSE:DRD) shares hit a new 52-week high during mid-day trading 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 Analysts Forecast Growth

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

DRDGOLD Stock Up 3.7%

The business has a 50 day simple moving average of $30.75 and a two-hundred day simple moving average of $24.36.

Hedge Funds Weigh In On DRDGOLD

A number of large investors have recently modified their holdings of 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 worth $27,299,000 after acquiring an additional 697,840 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of DRDGOLD by 0.4% in the second quarter. American Century Companies Inc. now owns 945,945 shares of the basic materials company’s stock worth $12,609,000 after buying an additional 4,030 shares during the period. Amundi bought a new stake in shares of DRDGOLD in the 3rd quarter valued at about $17,467,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings 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 acquiring an additional 6,740 shares during the period. Finally, Millennium Management LLC grew its position in DRDGOLD by 91.9% during the 3rd quarter. Millennium Management LLC now owns 397,000 shares of the basic materials company’s stock worth $10,957,000 after acquiring an additional 190,152 shares during the last quarter. 14.70% of the stock is owned by hedge funds and other institutional investors.

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.