Zacks Research Downgrades DRDGOLD (NYSE:DRD) to Strong Sell

DRDGOLD (NYSE:DRD) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other analysts have also recently weighed in on DRD. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of DRDGOLD in a research report on Monday. Wall Street Zen downgraded shares of DRDGOLD from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 4th. Finally, HC Wainwright reiterated a “buy” rating and set a $35.00 price target on shares of DRDGOLD in a research report on Thursday, July 16th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, DRDGOLD currently has a consensus rating of “Hold” and an average target price of $35.00.

DRDGOLD Trading Up 6.5%

DRD opened at $22.96 on Tuesday. The business’s 50-day simple moving average is $22.29 and its 200-day simple moving average is $28.30. DRDGOLD has a one year low of $14.52 and a one year high of $39.37.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of DRD. Amundi boosted its holdings in DRDGOLD by 9.1% in the first quarter. Amundi now owns 507,710 shares of the basic materials company’s stock valued at $14,911,000 after acquiring an additional 42,342 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of DRDGOLD by 58.3% in the 1st 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. ABC Arbitrage SA grew its holdings in shares of DRDGOLD by 107.2% during the 4th quarter. ABC Arbitrage SA now owns 127,033 shares of the basic materials company’s stock worth $3,939,000 after purchasing an additional 65,729 shares during the period. TD Waterhouse Canada Inc. increased its position in DRDGOLD by 5,273.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 22,568 shares of the basic materials company’s stock worth $699,000 after purchasing an additional 22,148 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in DRDGOLD by 21.9% in the first quarter. EverSource Wealth Advisors LLC now owns 5,895 shares of the basic materials company’s stock valued at $173,000 after buying an additional 1,059 shares during the period. Institutional investors and hedge funds 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.