DRDGOLD (NYSE:DRD) Shares Gap Down - Here's What Happened

DRDGOLD Limited (NYSE:DRD) recently experienced a notable gap down in its stock price as trading commenced on Wednesday. The shares, which had closed the previous day at $14.08, opened significantly lower at $13.38. As of the last recorded trading, DRDGOLD shares stood at $13.62, with a total volume of 208,132 shares exchanged throughout the day.

Analyst Upgrades and Downgrades

In the wake of this price movement, several analysts have weighed in on DRDGOLD's stock. Notably, StockNews.com has downgraded the company from a "buy" rating to a "hold" rating following a report issued on March 6th. Additionally, HC Wainwright trimmed their price target for DRDGOLD from $17.25 to $16.25, maintaining a "buy" rating as of February 19th.

DRDGOLD Trading Down 4.3%

The company's market capitalization is approximately $1.16 billion, with a price-to-earnings ratio of 10.64, and a beta of 1.09, indicating some volatility in its stock price. Over the previous fifty days, the stock has shown a simple moving average of $10.51, and the 200-day average stands at $10.02.

DRDGOLD Dividend Announcement

Furthermore, DRDGOLD has announced an annual dividend, set to be paid on March 27th. Shareholders who are on record as of March 14th will receive a dividend of $0.1628 per share, representing a yield of 1.8%. The ex-dividend date will occur on March 14th, and the company holds a dividend payout ratio of 19.05%.

Hedge Funds Weigh In On DRDGOLD

Recent activity among hedge funds has influenced DRDGOLD's stock positions. Connor Clark & Lunn Investment Management Ltd. increased its stake in DRDGOLD by 12.5% during the third quarter, now holding 435,243 shares valued at around $4.2 million after acquiring an additional 48,442 shares. Public Employees Retirement System of Ohio purchased a new stake valued at $431,000. Meanwhile, Virtu Financial LLC and JPMorgan Chase & Co. have also modified their positions, with JPMorgan raising its holdings by 11.7% to 93,206 shares worth approximately $899,000. Institutional investors and hedge funds currently own about 14.70% of DRDGOLD's stock.

About DRDGOLD

DRDGOLD Limited is primarily involved in gold mining, specifically focusing on the surface retreatment of gold tailings in South Africa. The company undertakes activities related to the exploration, extraction, processing, and smelting of gold, particularly sourcing gold from tailings found in the Witwatersrand basin in Gauteng province. Established as Durban Roodepoort Deep Limited, the company adopted its current name in 2004.

Should You Invest $1,000 in DRDGOLD Right Now?

If you're considering investing in DRDGOLD, it's essential to analyze current market insights. Reports indicate that while DRDGOLD holds a Buy rating among some analysts, others have identified five alternative stocks that may offer better investment opportunities currently.

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