DRDGOLD (NYSE:DRD) Stock Price Expected to Rise, HC Wainwright Analyst Says

Key Points

• HC Wainwright has increased its price target for DRDGOLD from $18.75 to $30.50, indicating a potential upside of 14.88% from its current price.
• The stock has garnered a consensus rating of "Strong Buy" with recent ratings changes from other analysts, including Wall Street Zen and Zacks Research.
• Several institutional investors have significantly increased their stakes in DRDGOLD, with Osaic Holdings and Bank of America showing notable boosts in their holdings during the second quarter.

DRDGOLD (NYSE:DRD - Get Free Report) had its price objective boosted by analysts at HC Wainwright from $18.75 to $30.50 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the basic materials company's stock. HC Wainwright's price objective suggests a potential upside of 14.88% from the company's current price.

Several other equities analysts have also recently issued reports on DRD. Wall Street Zen cut shares of DRDGOLD from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 17th. Zacks Research raised shares of DRDGOLD from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 25th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and an average target price of $30.50.

DRDGOLD Price Performance

Shares of DRDGOLD stock opened at $26.55 on Tuesday. The firm's fifty day simple moving average is $17.55 and its 200-day simple moving average is $15.61. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 21.07 and a beta of 0.36. DRDGOLD has a 12 month low of $8.38 and a 12 month high of $26.98.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. lifted its holdings in DRDGOLD by 11.5% in the 2nd quarter. Osaic Holdings Inc. now owns 6,892 shares of the basic materials company's stock valued at $92,000 after purchasing an additional 713 shares in the last quarter. Orion Porfolio Solutions LLC purchased a new position in DRDGOLD in the 2nd quarter valued at about $274,000. Bank of America Corp DE lifted its holdings in DRDGOLD by 138.0% in the 2nd quarter. Bank of America Corp DE now owns 42,846 shares of the basic materials company's stock valued at $571,000 after purchasing an additional 24,845 shares in the last quarter. Jane Street Group LLC lifted its holdings in DRDGOLD by 174.4% in the 2nd quarter. Jane Street Group LLC now owns 124,255 shares of the basic materials company's stock valued at $1,656,000 after purchasing an additional 78,978 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in DRDGOLD by 75.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 291,249 shares of the basic materials company's stock valued at $3,882,000 after purchasing an additional 124,831 shares in the last quarter. 14.70% of the stock is currently 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.

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