ABC Arbitrage SA Sells 79,050 Shares of DRDGOLD Limited $DRD

Key Points

• ABC Arbitrage SA cut its DRDGOLD stake by 62.2% in the first quarter, selling 79,050 shares and leaving it with 47,983 shares valued at about $1.41 million.
• Other institutional investors were mostly adding to their positions, including Arrowstreet Capital, AQR Capital Management, Millennium Management, and Amundi, while institutional ownership in DRDGOLD stood at 14.70%.
• Analysts have turned more cautious on the stock, with multiple downgrades recently and a consensus rating of “Moderate Buy” alongside a $46.50 target price, despite DRDGOLD trading at $20.83.

ABC Arbitrage SA lowered its stake in shares of DRDGOLD Limited (NYSE:DRD - Free Report) by 62.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 47,983 shares of the basic materials company's stock after selling 79,050 shares during the period. ABC Arbitrage SA owned approximately 0.06% of DRDGOLD worth $1,409,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Arrowstreet Capital Limited Partnership lifted its position in shares of DRDGOLD by 239.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 989,089 shares of the basic materials company's stock worth $27,299,000 after acquiring an additional 697,840 shares during the period. Amundi bought a new stake in shares of DRDGOLD during the third quarter valued at approximately $17,467,000. AQR Capital Management LLC increased its position in shares of DRDGOLD by 265.4% during the fourth 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 period. Millennium Management LLC raised its stake in shares of DRDGOLD by 91.9% in the third 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 in the last quarter. Finally, Lazard Asset Management LLC bought a new position in DRDGOLD in the fourth quarter worth $5,351,000. Institutional investors own 14.70% of the company's stock.

DRDGOLD Stock Performance

NYSE DRD opened at $20.83 on Tuesday. The stock's 50 day simple moving average is $24.61 and its 200 day simple moving average is $29.70. DRDGOLD Limited has a one year low of $13.25 and a one year high of $39.37.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Weiss Ratings lowered shares of DRDGOLD from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, May 6th. Zacks Research downgraded shares of DRDGOLD from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Finally, Wall Street Zen lowered shares of DRDGOLD from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 4th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $46.50.

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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