DRDGOLD (NYSE:DRD) Stock Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• DRDGOLD shares rose above their 200-day moving average of $27.22, reaching $28.45 before closing at $28.25 on trading volume of 237,595 shares.
• Analyst views remain mixed: HC Wainwright raised its price target to $35 and maintained a Buy rating, while Zacks downgraded the stock to Strong Sell. The overall consensus is Hold with an average target of $35.
• DRDGOLD reported quarterly EPS of $0.83 on revenue of $188.03 million and declared a $0.7379-per-share dividend, although the stated 530% yield appears unusually high and may reflect a data error.

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 $27.22 and traded as high as $28.45. DRDGOLD shares last traded at $28.25, with a volume of 237,595 shares traded.

Analysts Set New Price Targets

Several research firms have recently commented on DRD. HC Wainwright upped their target price on DRDGOLD from $33.00 to $35.00 and gave the company a "buy" rating in a research report on Thursday, August 20th. Wall Street Zen downgraded DRDGOLD from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 4th. Zacks Research lowered DRDGOLD from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of DRDGOLD in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, DRDGOLD presently has a consensus rating of "Hold" and an average target price of $35.00.

DRDGOLD Stock Down 1.8%

The stock's fifty day simple moving average is $23.11 and its 200-day simple moving average is $27.22.

DRDGOLD (NYSE:DRD - Get Free Report) last announced its earnings results on Wednesday, August 19th. The basic materials company reported $0.83 EPS for the quarter. The business had revenue of $188.03 million for the quarter. On average, equities research analysts expect that DRDGOLD Limited will post 3.12 earnings per share for the current fiscal year.

DRDGOLD Announces Dividend

The business also recently disclosed a dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 11th will be paid a dividend of $0.7379 per share. This represents a yield of 530.0%. The ex-dividend date is Friday, September 11th.

Hedge Funds Weigh In On DRDGOLD

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DRD. Renaissance Technologies LLC raised its stake in DRDGOLD by 58.3% in the first quarter. Renaissance Technologies LLC now owns 349,645 shares of the basic materials company's stock valued at $10,269,000 after purchasing an additional 128,832 shares in the last quarter. Amundi lifted its position in DRDGOLD by 9.1% during the first quarter. Amundi now owns 507,710 shares of the basic materials company's stock worth $14,911,000 after purchasing an additional 42,342 shares during the period. Sei Investments Co. grew its stake in DRDGOLD by 60.8% during the first quarter. Sei Investments Co. now owns 79,738 shares of the basic materials company's stock worth $2,342,000 after buying an additional 30,137 shares in the last quarter. ABC Arbitrage SA grew its stake in DRDGOLD by 107.2% during the fourth quarter. ABC Arbitrage SA now owns 127,033 shares of the basic materials company's stock worth $3,939,000 after buying an additional 65,729 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in DRDGOLD by 33.5% in the 4th quarter. Farther Finance Advisors LLC now owns 2,256 shares of the basic materials company's stock valued at $70,000 after buying an additional 566 shares during the period. 14.70% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source