DRDGOLD (NYSE:DRD) Shares Gap Up – Time to Buy?

Shares of DRDGOLD Limited (NYSE:DRD) gapped up before the market opened on Tuesday . The stock had previously closed at $8.63, but opened at $8.93. DRDGOLD shares last traded at $9.08, with a volume of 60,435 shares trading hands.

Analysts Set New Price Targets

A number of research firms recently commented on DRD. StockNews.com lowered shares of DRDGOLD from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. HC Wainwright reissued a “buy” rating and set a $13.25 price target on shares of DRDGOLD in a research report on Friday, October 18th.

DRDGOLD Stock Up 3.2 %

The stock has a market capitalization of $770.35 million, a PE ratio of 8.41 and a beta of 1.05. The stock’s 50-day moving average is $9.73 and its 200 day moving average is $9.61.

Hedge Funds Weigh In On DRDGOLD

Institutional investors and hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp boosted its position in DRDGOLD by 24.2% during the third quarter. Van ECK Associates Corp now owns 6,621,470 shares of the basic materials company’s stock valued at $63,831,000 after purchasing an additional 1,291,541 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of DRDGOLD by 36.8% during the 2nd quarter. American Century Companies Inc. now owns 679,600 shares of the basic materials company’s stock valued at $5,851,000 after buying an additional 182,900 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in DRDGOLD by 12.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 435,243 shares of the basic materials company’s stock worth $4,196,000 after buying an additional 48,442 shares during the last quarter. U S Global Investors Inc. bought a new position in DRDGOLD during the third quarter valued at approximately $2,388,000. Finally, Marshall Wace LLP lifted its stake in DRDGOLD by 34.3% in the second quarter. Marshall Wace LLP now owns 208,006 shares of the basic materials company’s stock valued at $1,791,000 after acquiring an additional 53,081 shares during 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.