Harmony Gold Mining (NYSE:HMY) Shares Gap Up - Time to Buy?

Key Points

• Harmony Gold Mining's shares opened at $14.35, up from a previous close of $13.46, indicating strong market interest with over 1.2 million shares traded.
• Analysts have mixed opinions on the stock; BMO Capital Markets set a price target of $16.00, while the average rating is currently "Hold" with a price target of $12.20.
• Institutional investors have been active, with significant purchases and increases in holdings, reflecting a growing confidence in Harmony Gold Mining.

Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $13.46, but opened at $14.35. Harmony Gold Mining shares last traded at $14.28, with a volume of 1,203,205 shares changing hands.

Analysts Set New Price Targets

HMY has been the subject of a number of analyst reports. BMO Capital Markets initiated coverage on shares of Harmony Gold Mining in a research note on Thursday, July 17th. They set a "market perform" rating and a $16.00 target price for the company. Hsbc Global Res upgraded Harmony Gold Mining from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 17th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $12.20.

Harmony Gold Mining Price Performance

The business's 50-day simple moving average is $14.41 and its 200 day simple moving average is $13.72. The company has a current ratio of 1.84, a quick ratio of 1.46 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $10.08 billion, a P/E ratio of 9.40, a P/E/G ratio of 0.09 and a beta of 0.78.

Institutional Trading of Harmony Gold Mining

Several institutional investors have recently modified their holdings of the company. Raymond James Financial Inc. purchased a new position in Harmony Gold Mining in the 4th quarter worth about $624,000. LPL Financial LLC lifted its position in shares of Harmony Gold Mining by 3.2% in the 4th quarter. LPL Financial LLC now owns 48,774 shares of the mining company's stock valued at $400,000 after acquiring an additional 1,496 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Harmony Gold Mining by 31.0% in the 4th quarter. Wells Fargo & Company MN now owns 45,942 shares of the mining company's stock worth $377,000 after purchasing an additional 10,860 shares during the period. Invesco Ltd. grew its position in Harmony Gold Mining by 2.9% during the 4th quarter. Invesco Ltd. now owns 147,960 shares of the mining company's stock worth $1,215,000 after purchasing an additional 4,216 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Harmony Gold Mining during the 4th quarter valued at $11,903,000. Institutional investors and hedge funds own 31.79% of the company's stock.

Harmony Gold Mining Company Profile

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.