DRDGOLD (NYSE:DRD) Shares Gap Up - Time to Buy?

Key Points

• DRDGOLD shares gapped up from $26.42 to an open of $28.86 and last traded at $29.45 on volume of 99,575, remaining slightly below its 50- and 200-day moving averages (~$30.95).
• Analysts' consensus is a Buy with a consensus target price of $46.50 after upgrades from Zacks and Wall Street Zen and a $46.50 price objective from HC Wainwright.
• The company reported quarterly EPS of $6.74 and analysts forecast 14.22 EPS for the year; it recently paid a $0.3122 dividend (reported yield 207.0%) and institutional ownership is about 14.7% following notable hedge fund buying.

DRDGOLD Limited (NYSE:DRD - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $26.42, but opened at $28.86. DRDGOLD shares last traded at $29.45, with a volume of 99,575 shares trading hands.

Analyst Ratings Changes

A number of research firms have commented on DRD. Weiss Ratings reiterated a "buy (b)" rating on shares of DRDGOLD in a research note on Monday, April 20th. Zacks Research upgraded shares of DRDGOLD from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 29th. HC Wainwright increased their price objective on shares of DRDGOLD to $46.50 and gave the company a "buy" rating in a research note on Friday, January 30th. Finally, Wall Street Zen upgraded shares of DRDGOLD from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 21st. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $46.50.

DRDGOLD Price Performance

The stock's 50-day moving average price is $30.95 and its 200-day moving average price is $30.93.

DRDGOLD (NYSE:DRD - Get Free Report) last posted its quarterly earnings results on Wednesday, February 18th. The basic materials company reported $6.74 earnings per share (EPS) for the quarter. On average, research analysts anticipate that DRDGOLD Limited will post 14.22 earnings per share for the current year.

DRDGOLD Announces Dividend

The company also recently disclosed a dividend, which was paid on Monday, March 23rd. Investors of record on Friday, March 13th were given a $0.3122 dividend. The ex-dividend date was Friday, March 13th. This represents a yield of 207.0%.

Institutional Trading of DRDGOLD

Several hedge funds have recently bought and sold shares of DRD. Arrowstreet Capital Limited Partnership lifted its position in DRDGOLD by 239.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 989,089 shares of the basic materials company's stock valued at $27,299,000 after purchasing an additional 697,840 shares during the last quarter. Amundi bought a new stake in DRDGOLD in the 3rd quarter valued at about $17,467,000. AQR Capital Management LLC lifted its position in DRDGOLD by 265.4% in the 4th quarter. AQR Capital Management LLC now owns 314,679 shares of the basic materials company's stock valued at $9,758,000 after purchasing an additional 228,561 shares during the last quarter. Millennium Management LLC lifted its position in DRDGOLD by 91.9% in the 3rd quarter. Millennium Management LLC now owns 397,000 shares of the basic materials company's stock valued at $10,957,000 after purchasing an additional 190,152 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in DRDGOLD in the 4th quarter valued at about $5,351,000. 14.70% of the stock is currently owned by 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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