DRDGOLD (NYSE:DRD) Shares Gap Down – Here’s What Happened

DRDGOLD Limited (NYSE:DRD) shares gapped down prior to trading on Monday . The stock had previously closed at $24.37, but opened at $22.59. DRDGOLD shares last traded at $22.8270, with a volume of 84,642 shares changing hands.

Analyst Ratings Changes

DRD has been the subject of several research reports. Zacks Research upgraded shares of DRDGOLD from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 29th. Weiss Ratings downgraded DRDGOLD from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen upgraded DRDGOLD from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 31st. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. Based on data from MarketBeat, DRDGOLD presently has a consensus rating of “Buy” and an average price target of $46.50.

DRDGOLD Stock Down 6.5%

The stock’s fifty day simple moving average is $27.32 and its 200-day simple moving average is $30.72.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC acquired a new position in DRDGOLD in the first quarter valued at about $1,759,000. JPMorgan Chase & Co. raised its position in shares of DRDGOLD by 7,065.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 30,093 shares of the basic materials company’s stock valued at $401,000 after buying an additional 29,673 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of DRDGOLD by 75.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 291,249 shares of the basic materials company’s stock worth $3,882,000 after acquiring an additional 124,831 shares during the period. Jane Street Group LLC lifted its holdings in shares of DRDGOLD by 174.4% during the 2nd quarter. Jane Street Group LLC now owns 124,255 shares of the basic materials company’s stock worth $1,656,000 after acquiring an additional 78,978 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of DRDGOLD by 138.0% during the 2nd quarter. Bank of America Corp DE now owns 42,846 shares of the basic materials company’s stock worth $571,000 after acquiring an additional 24,845 shares in the last quarter. Institutional investors own 14.70% of the company’s stock.

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.