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

Key Points

• Harmony Gold Mining shares gapped up prior to the market opening, moving from a previous close of $14.11 to an opening price of $14.71, and last traded at $14.48 with significant volume of over 2.3 million shares.
• Recent analyst ratings indicate a downgrade from "strong-buy" to "hold" by Zacks Research, while BMO Capital Markets has set a price target of $16.00, resulting in a consensus target price of $12.20.
• A variety of institutional investors have recently increased their stakes in Harmony Gold, collectively owning 31.79% of the company's stock, illustrating growing interest from hedge funds.

Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $14.11, but opened at $14.71. Harmony Gold Mining shares last traded at $14.48, with a volume of 2,328,770 shares traded.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Zacks Research downgraded Harmony Gold Mining from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 22nd. BMO Capital Markets began coverage on Harmony Gold Mining in a research note on Thursday, July 17th. They issued a "market perform" rating and a $16.00 price target on the stock. Five equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $12.20.

Harmony Gold Mining Trading Up 3.1%

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.41. The company has a fifty day moving average of $14.63 and a 200-day moving average of $14.34. The firm has a market capitalization of $9.23 billion, a PE ratio of 8.61, a price-to-earnings-growth ratio of 0.12 and a beta of 0.80.

Hedge Funds Weigh In On Harmony Gold Mining

Institutional investors and hedge funds have recently made changes to their positions in the stock. Colonial Trust Advisors bought a new position in shares of Harmony Gold Mining during the second quarter worth $26,000. Spire Wealth Management acquired a new stake in shares of Harmony Gold Mining during the first quarter worth about $33,000. First Horizon Advisors Inc. purchased a new position in Harmony Gold Mining in the second quarter valued at approximately $55,000. Hantz Financial Services Inc. lifted its holdings in shares of Harmony Gold Mining by 533.8% during the second quarter. Hantz Financial Services Inc. now owns 4,449 shares of the mining company's stock worth $62,000 after purchasing an additional 3,747 shares during the period. Finally, Parallel Advisors LLC raised its stake in shares of Harmony Gold Mining by 71.4% during the 1st quarter. Parallel Advisors LLC now owns 4,706 shares of the mining company's stock worth $70,000 after buying an additional 1,961 shares during the last quarter. 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.

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