DRDGOLD Limited (NYSE:DRD) Sees Large Decrease in Short Interest

Key Points

• DRDGOLD Limited experienced a 51.2% decrease in short interest, dropping from 2,500,000 shares to 1,220,000 shares as of September 30th.
• The company announced an annual dividend of $0.2269, which represents a significant increase from the previous dividend of $0.16, yielding 202.0%.
• Analysts have a consensus rating of "Buy" for DRDGOLD, with a price target set at $36.25 following various positive ratings updates.

DRDGOLD Limited (NYSE:DRD - Get Free Report) saw a significant decline in short interest in the month of September. As of September 30th, there was short interest totaling 1,220,000 shares, a decline of 51.2% from the September 15th total of 2,500,000 shares. Based on an average daily trading volume, of 687,300 shares, the days-to-cover ratio is currently 1.8 days. Based on an average daily trading volume, of 687,300 shares, the days-to-cover ratio is currently 1.8 days.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on DRD. Weiss Ratings reissued a "buy (b)" rating on shares of DRDGOLD in a research report on Wednesday, October 8th. HC Wainwright upped their price target on DRDGOLD to $36.25 and gave the stock a "buy" rating in a research note on Friday. Zacks Research raised DRDGOLD from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 25th. Finally, Wall Street Zen downgraded DRDGOLD from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 17th. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $36.25.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. D.A. Davidson & CO. bought a new position in DRDGOLD in the first quarter valued at about $350,000. GAMMA Investing LLC raised its stake in shares of DRDGOLD by 52.9% in the first quarter. GAMMA Investing LLC now owns 4,953 shares of the basic materials company's stock worth $77,000 after buying an additional 1,713 shares during the period. Acadian Asset Management LLC bought a new position in shares of DRDGOLD during the 1st quarter valued at approximately $2,055,000. Kiker Wealth Management LLC bought a new position in shares of DRDGOLD during the 2nd quarter valued at approximately $142,000. Finally, Banque Cantonale Vaudoise purchased a new stake in DRDGOLD in the 1st quarter worth approximately $39,000. Institutional investors own 14.70% of the company's stock.

DRDGOLD Trading Up 2.0%

DRD stock traded up $0.57 during trading on Monday, reaching $29.09. The stock had a trading volume of 623,634 shares, compared to its average volume of 538,168. DRDGOLD has a 52 week low of $8.38 and a 52 week high of $31.91. The stock's 50 day moving average is $22.94 and its two-hundred day moving average is $17.48. The firm has a market cap of $2.52 billion, a PE ratio of 23.09 and a beta of 0.36.

DRDGOLD Increases Dividend

The company also recently announced an annual dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 12th were issued a $0.2269 dividend. This is a positive change from DRDGOLD's previous annual dividend of $0.16. This represents a yield of 202.0%. The ex-dividend date of this dividend was Friday, September 12th. DRDGOLD's dividend payout ratio is currently 29.37%.

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.

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