DRDGOLD (NYSE:DRD) Shares Up 10.1% – Time to Buy?

DRDGOLD Limited (NYSE:DRD)’s share price shot up 10.1% during mid-day trading on Thursday . The company traded as high as $11.51 and last traded at $11.62. 145,790 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 237,215 shares. The stock had previously closed at $10.55.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DRD. HC Wainwright cut their price objective on shares of DRDGOLD from $17.25 to $16.25 and set a “buy” rating on the stock in a research report on Wednesday. StockNews.com upgraded shares of DRDGOLD from a “hold” rating to a “buy” rating in a research note on Wednesday.

DRDGOLD Stock Up 9.8 %

The firm’s fifty day moving average is $9.62 and its 200 day moving average is $9.75.

Institutional Investors Weigh In On DRDGOLD

A number of hedge funds have recently modified their holdings of DRD. Van ECK Associates Corp raised its position in shares of DRDGOLD by 24.2% in 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 buying an additional 1,291,541 shares during the last quarter. American Century Companies Inc. boosted its stake in DRDGOLD by 72.9% during the fourth quarter. American Century Companies Inc. now owns 891,105 shares of the basic materials company’s stock worth $7,690,000 after buying an additional 375,705 shares during the period. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. purchased a new position in DRDGOLD during the fourth quarter worth about $1,449,000. ABC Arbitrage SA purchased a new position in DRDGOLD during the fourth quarter worth about $1,140,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in DRDGOLD during the fourth quarter worth about $1,045,000. 14.70% of the stock is currently owned by institutional investors and hedge funds.

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.