DRDGOLD (NYSE:DRD) Downgraded by Zacks Research to "Strong Sell"

Key Points

• Zacks Research downgraded DRDGOLD from “hold” to “strong sell,” creating a mixed analyst outlook. Two analysts rate the stock a buy and one rates it a sell, resulting in a consensus “hold” rating and a $35 price target.
• DRDGOLD shares rose 6.5% and opened at $22.96, below the consensus target. The stock has traded between $14.52 and $39.37 over the past 52 weeks.
• Institutional investors own 14.7% of DRDGOLD, with several firms recently establishing or increasing positions. The South African gold producer specializes in recovering gold from historic mine tailings.

DRDGOLD (NYSE:DRD - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other analysts have also issued research reports about the company. HC Wainwright reiterated a "buy" rating and issued a $35.00 target price on shares of DRDGOLD in a research note on Thursday, July 16th. Weiss Ratings reissued a "buy (b-)" rating on shares of DRDGOLD in a research note on Monday. Finally, Wall Street Zen cut shares of DRDGOLD from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 4th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $35.00.

DRDGOLD Trading Up 6.5%

Shares of NYSE DRD opened at $22.96 on Tuesday. The business's 50 day moving average price is $22.29 and its 200-day moving average price is $28.30. DRDGOLD has a fifty-two week low of $14.52 and a fifty-two week high of $39.37.

Institutional Investors Weigh In On DRDGOLD

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise purchased a new position in shares of DRDGOLD in the fourth quarter worth about $42,000. Farther Finance Advisors LLC lifted its position in shares of DRDGOLD by 33.5% during the 4th quarter. Farther Finance Advisors LLC now owns 2,256 shares of the basic materials company's stock valued at $70,000 after buying an additional 566 shares in the last quarter. Osaic Holdings Inc. increased its stake in shares of DRDGOLD by 11.5% during the second quarter. Osaic Holdings Inc. now owns 6,892 shares of the basic materials company's stock worth $92,000 after purchasing an additional 713 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of DRDGOLD during the third quarter worth approximately $102,000. Finally, Smartleaf Asset Management LLC acquired a new stake in DRDGOLD in the 4th quarter valued at about $140,000. 14.70% of the stock is currently 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.

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