DRDGOLD (NYSE:DRD) Trading 7% Higher After Analyst Upgrade

Key Points

• Shares of DRDGOLD Limited jumped 7% after HC Wainwright raised the price target from $18.75 to $30.50, maintaining a buy rating.
• The company recently declared an annual dividend of $0.2269, representing a yield increase to 202.0% from the previous year's $0.16.
• Institutional ownership is at 14.70%, with significant increases from several investors, including a 769.7% rise from Brooklyn Investment Group during the first quarter.

Shares of DRDGOLD Limited (NYSE:DRD - Get Free Report) shot up 7% on Tuesday after HC Wainwright raised their price target on the stock from $18.75 to $30.50. HC Wainwright currently has a buy rating on the stock. DRDGOLD traded as high as $28.49 and last traded at $28.40. 221,822 shares traded hands during trading, a decline of 56% from the average session volume of 504,919 shares. The stock had previously closed at $26.53.

DRD has been the subject of a number of other research reports. Zacks Research raised DRDGOLD from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 25th. Wall Street Zen cut shares of DRDGOLD from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 17th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to MarketBeat, DRDGOLD presently has an average rating of "Strong Buy" and a consensus target price of $30.50.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise acquired a new position in shares of DRDGOLD during the first quarter valued at approximately $39,000. Brooklyn Investment Group raised 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 lifted its stake in DRDGOLD by 52.9% in the 1st quarter. GAMMA Investing LLC now owns 4,953 shares of the basic materials company's stock worth $77,000 after acquiring an additional 1,713 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of 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 during the period. Finally, Squarepoint Ops LLC purchased a new position in DRDGOLD during the fourth quarter valued at approximately $110,000. Institutional investors and hedge funds own 14.70% of the company's stock.

DRDGOLD Stock Performance

The company's 50 day simple moving average is $17.55 and its two-hundred day simple moving average is $15.61. The stock has a market cap of $2.44 billion, a price-to-earnings ratio of 22.50 and a beta of 0.36.

DRDGOLD Increases Dividend

The firm also recently announced an annual dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 12th were paid a $0.2269 dividend. This represents a yield of 202.0%. This is a boost from DRDGOLD's previous annual dividend of $0.16. The ex-dividend date was Friday, September 12th. DRDGOLD's dividend payout ratio is presently 29.37%.

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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