Harmony Gold Mining (NYSE:HMY) Shares Gap Down - Here's Why

Key Points

• Harmony Gold Mining's shares gapped down from $15.45 to open at $15.09 amidst market activity, closing at $15.15 with a trading volume of 558,221 shares.
• Zacks Research recently downgraded Harmony Gold from a "strong-buy" to a "hold" rating, and the stock currently has an average price target of $12.20.
• Institutional investors control 31.79% of Harmony Gold Mining shares, with several firms increasing their stakes in the company during the second quarter.

Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $15.45, but opened at $15.09. Harmony Gold Mining shares last traded at $15.15, with a volume of 558,221 shares traded.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Zacks Research downgraded shares of Harmony Gold Mining from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 22nd. BMO Capital Markets began coverage on shares of Harmony Gold Mining in a report on Thursday, July 17th. They issued a "market perform" rating and a $16.00 price objective for the company. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Harmony Gold Mining has an average rating of "Hold" and an average price target of $12.20.

Harmony Gold Mining Price Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.41 and a current ratio of 1.72. The company has a market cap of $9.69 billion, a PE ratio of 9.03, a PEG ratio of 0.12 and a beta of 0.80. The company's 50-day simple moving average is $14.69 and its 200 day simple moving average is $14.37.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC boosted its holdings in Harmony Gold Mining by 16.7% during the second quarter. Parallel Advisors LLC now owns 5,494 shares of the mining company's stock worth $77,000 after buying an additional 788 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Harmony Gold Mining by 11.1% during the 1st quarter. GAMMA Investing LLC now owns 8,689 shares of the mining company's stock worth $128,000 after purchasing an additional 866 shares during the period. Personal CFO Solutions LLC lifted its stake in shares of Harmony Gold Mining by 4.6% during the 2nd quarter. Personal CFO Solutions LLC now owns 22,767 shares of the mining company's stock worth $318,000 after purchasing an additional 993 shares during the period. Profund Advisors LLC lifted its stake in shares of Harmony Gold Mining by 1.9% during the 2nd quarter. Profund Advisors LLC now owns 59,968 shares of the mining company's stock worth $838,000 after purchasing an additional 1,126 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in Harmony Gold Mining by 13.9% during the second quarter. EverSource Wealth Advisors LLC now owns 10,516 shares of the mining company's stock worth $147,000 after purchasing an additional 1,280 shares during the period. 31.79% of the stock is currently owned by institutional investors and hedge funds.

About Harmony Gold Mining

Harmony Gold Mining Company Limited engages in the exploration, extraction, and processing of gold. The company explores for uranium, silver, copper, and molybdenum deposits. It has eight underground operations in the Witwatersrand Basin; an open-pit mine on the Kraaipan Greenstone Belt; and various surface source operations in South Africa.

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