Harmony Gold Mining (NYSE:HMY) Shares Gap Up - Here's What Happened

Key Points

• Harmony Gold Mining's stock opened at $14.11 after closing at $13.28, indicating a positive market response with over 2 million shares traded.
• Analysts have recently revised their ratings for the stock, with Zacks cutting its rating from "strong-buy" to "hold" and the average price target now at $12.20.
• Institutional investors have actively increased their stakes in Harmony Gold, with hedge funds holding approximately 31.79% of the stock, indicating growing institutional interest.

Shares of Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $13.28, but opened at $14.11. Harmony Gold Mining shares last traded at $14.00, with a volume of 2,115,184 shares.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Zacks Research lowered Harmony Gold Mining from a "strong-buy" rating to a "hold" rating in a report on Friday, August 22nd. BMO Capital Markets assumed coverage on Harmony Gold Mining in a report on Thursday, July 17th. They set a "market perform" rating and a $16.00 target price for the company. Five research analysts have rated the stock with a Hold rating, According to MarketBeat, Harmony Gold Mining currently has a consensus rating of "Hold" and a consensus price target of $12.20.

Harmony Gold Mining Stock Up 0.6%

The firm's 50-day simple moving average is $14.63 and its 200 day simple moving average is $14.32. 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 stock has a market capitalization of $8.95 billion, a P/E ratio of 8.34, a PEG ratio of 0.12 and a beta of 0.80.

Institutional Investors Weigh In On Harmony Gold Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its position in Harmony Gold Mining by 215.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,571,374 shares of the mining company's stock worth $82,289,000 after buying an additional 3,806,468 shares in the last quarter. Invesco Ltd. grew its position in shares of Harmony Gold Mining by 12,337.7% in the 2nd quarter. Invesco Ltd. now owns 4,795,844 shares of the mining company's stock valued at $66,998,000 after acquiring an additional 4,757,285 shares during the period. AQR Capital Management LLC grew its position in shares of Harmony Gold Mining by 286.6% in the 2nd quarter. AQR Capital Management LLC now owns 3,961,141 shares of the mining company's stock valued at $54,248,000 after acquiring an additional 2,936,552 shares during the period. American Century Companies Inc. grew its position in shares of Harmony Gold Mining by 14.9% in the 1st quarter. American Century Companies Inc. now owns 3,805,276 shares of the mining company's stock valued at $56,204,000 after acquiring an additional 493,041 shares during the period. Finally, Acadian Asset Management LLC increased its position in Harmony Gold Mining by 46.9% during the second quarter. Acadian Asset Management LLC now owns 3,613,767 shares of the mining company's stock worth $50,460,000 after buying an additional 1,152,915 shares during the last quarter. 31.79% of the stock is owned by institutional investors.

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.