Harmony Gold Mining (NYSE:HMY) Shares Gap Up - Still a Buy?

Key Points

• Harmony Gold Mining shares surged 9.5%, opening at $20.63 versus the prior close of $19.28 and last trading near $20.77.
• Analyst sentiment improved, with upgrades from Wall Street Zen and Zacks Research; MarketBeat reports a consensus rating of “Moderate Buy.”
• Institutional investors own 31.79% of the stock, while Harmony maintains low leverage with a debt-to-equity ratio of 0.03, though its liquidity ratios remain below 1.0.

Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $19.28, but opened at $20.63. Harmony Gold Mining shares last traded at $20.7650, with a volume of 528,626 shares traded.

Analysts Set New Price Targets

Several analysts recently commented on HMY shares. Wall Street Zen raised Harmony Gold Mining from a "hold" rating to a "buy" rating in a report on Sunday, August 9th. Weiss Ratings reissued a "buy (b-)" rating on shares of Harmony Gold Mining in a research report on Friday, July 17th. Finally, Zacks Research upgraded Harmony Gold Mining from a "strong sell" rating to a "hold" rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Harmony Gold Mining has a consensus rating of "Moderate Buy".

Harmony Gold Mining Stock Up 9.5%

The firm has a 50 day moving average price of $16.39 and a 200 day moving average price of $17.31. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.03.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio bought a new stake in Harmony Gold Mining during the 2nd quarter worth approximately $952,000. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. boosted its position in shares of Harmony Gold Mining by 15.7% in the second quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. now owns 114,200 shares of the mining company's stock worth $1,737,000 after purchasing an additional 15,500 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of Harmony Gold Mining in the second quarter worth $152,000. GAMMA Investing LLC increased its stake in shares of Harmony Gold Mining by 7.6% in the second quarter. GAMMA Investing LLC now owns 9,548 shares of the mining company's stock worth $145,000 after purchasing an additional 678 shares in the last quarter. Finally, DV Trading LLC raised its position in shares of Harmony Gold Mining by 1,181.7% during the 1st quarter. DV Trading LLC now owns 11,125 shares of the mining company's stock valued at $171,000 after purchasing an additional 10,257 shares during the period. 31.79% of the stock is currently owned by institutional investors.

Harmony Gold Mining Company Profile

Harmony Gold Mining Company Limited is a South Africa–based precious metals producer primarily engaged in the exploration, mining and processing of gold. The company operates a portfolio of underground and surface mining operations, targeting both reef-hosted and alluvial deposits. In addition to gold, Harmony’s activities encompass the extraction of copper as a byproduct at its Papua New Guinea operations.

In South Africa, Harmony’s mining footprint includes deep-level underground operations in the Witwatersrand Basin, where it employs a combination of conventional and mechanized mining methods.

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