DRDGOLD (NYSE:DRD) Stock Price Up 8.5% - Here's Why

DRDGOLD Limited (NYSE:DRD - Get Free Report)'s stock price shot up 8.5% during mid-day trading on Monday . The stock traded as high as $16.25 and last traded at $16.29. 151,254 shares changed hands during trading, a decline of 56% from the average session volume of 340,944 shares. The stock had previously closed at $15.01.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on DRD. HC Wainwright decreased their price objective on DRDGOLD from $17.25 to $16.25 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Wall Street Zen lowered shares of DRDGOLD from a "strong-buy" rating to a "buy" rating in a research report on Sunday, June 1st.

DRDGOLD Stock Down 11.3%

The firm's 50-day moving average is $15.09 and its 200-day moving average is $12.19. The company has a market capitalization of $1.19 billion, a PE ratio of 10.89 and a beta of 0.37.

Hedge Funds Weigh In On DRDGOLD

A number of large investors have recently modified their holdings of the company. Aquatic Capital Management LLC purchased a new position in shares of DRDGOLD during the fourth quarter worth approximately $25,000. Banque Cantonale Vaudoise bought a new stake in DRDGOLD in the first quarter worth $39,000. Brooklyn Investment Group boosted its position in DRDGOLD by 769.7% during the first quarter. Brooklyn Investment Group now owns 4,105 shares of the basic materials company's stock valued at $64,000 after buying an additional 3,633 shares during the period. GAMMA Investing LLC grew its stake in shares of DRDGOLD by 52.9% during the first quarter. GAMMA Investing LLC now owns 4,953 shares of the basic materials company's stock valued at $77,000 after buying an additional 1,713 shares during the last quarter. Finally, QRG Capital Management Inc. bought a new position in shares of DRDGOLD during the fourth quarter valued at about $98,000. 14.70% of the stock is owned by hedge funds and other institutional investors.

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.