DRDGOLD (NYSE:DRD) Shares Pass Above 200-Day Moving Average - Here's Why

Key Points

• DRDGOLD Limited's stock has recently crossed above its 200-day moving average, indicating potential bullish momentum, with shares last trading at $13.67.
• Wall Street analysts have downgraded DRDGOLD's rating from "strong-buy" to "buy."
• Institutional investors are actively trading DRDGOLD stock, with several firms like D.A. Davidson & CO. and Ameriprise Financial recently increasing their stakes.

DRDGOLD Limited (NYSE:DRD - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $13.41 and traded as high as $13.76. DRDGOLD shares last traded at $13.67, with a volume of 223,443 shares trading hands.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of DRDGOLD from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th.

DRDGOLD Stock Performance

The company has a market cap of $1.15 billion, a P/E ratio of 10.94 and a beta of 0.30. The firm's fifty day moving average is $14.17 and its two-hundred day moving average is $13.47.

Hedge Funds Weigh In On DRDGOLD

A number of hedge funds have recently made changes to their positions in the business. Aquatic Capital Management LLC bought a new stake in DRDGOLD during the 4th quarter valued at approximately $25,000. Banque Cantonale Vaudoise purchased a new stake in DRDGOLD during the 1st quarter valued at approximately $39,000. Brooklyn Investment Group raised its position in shares of 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 last quarter. GAMMA Investing LLC lifted its holdings 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 in the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of DRDGOLD during the fourth quarter worth $110,000. Institutional investors own 14.70% of the company's stock.

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.