Harmony Gold Mining (NYSE:HMY) Shares Gap Up - Still a 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 share 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 traded.

Wall Street Analyst Weigh In

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 report on Thursday, July 17th. They issued a "market perform" rating and a $16.00 price objective for the company. Hsbc Global Res upgraded shares of Harmony Gold Mining from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $12.20.

Harmony Gold Mining Stock Up 5.6%

The firm has a market cap of $9.03 billion, a PE ratio of 8.41, a PEG ratio of 0.09 and a beta of 0.77. The business's 50 day moving average price is $14.42 and its 200 day moving average price is $13.68. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.84 and a quick ratio of 1.46.

Institutional Trading of Harmony Gold Mining

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Y Intercept Hong Kong Ltd purchased a new stake in shares of Harmony Gold Mining during the second quarter worth about $3,609,000. Ashton Thomas Private Wealth LLC increased its stake in shares of Harmony Gold Mining by 43.0% during the second quarter. Ashton Thomas Private Wealth LLC now owns 343,243 shares of the mining company's stock worth $4,795,000 after purchasing an additional 103,150 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Harmony Gold Mining by 15.5% during the second quarter. Envestnet Asset Management Inc. now owns 184,507 shares of the mining company's stock worth $2,578,000 after purchasing an additional 24,779 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in Harmony Gold Mining during the 2nd quarter valued at about $69,000. Finally, Ritholtz Wealth Management grew its stake in Harmony Gold Mining by 12.9% during the 2nd quarter. Ritholtz Wealth Management now owns 191,705 shares of the mining company's stock valued at $2,678,000 after acquiring an additional 21,872 shares in the last quarter. Hedge funds and other institutional investors own 31.79% of the company's stock.

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.