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

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.

Shares of Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report) 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 trading hands.

Analyst Ratings Changes

HMY has been the subject of a number of research analyst reports. 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 initiated coverage on Harmony Gold Mining in a report on Thursday, July 17th. They issued a "market perform" rating and a $16.00 target price for the company. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $12.20.

Harmony Gold Mining Stock Down 2.0%

The company has a quick ratio of 1.41, a current ratio of 1.72 and a debt-to-equity ratio of 0.04. The company has a market cap of $9.53 billion, a P/E ratio of 8.88, a price-to-earnings-growth ratio of 0.13 and a beta of 0.80. The company has a fifty day moving average of $14.72 and a 200 day moving average of $14.43.

Hedge Funds Weigh In On Harmony Gold Mining

Several institutional investors and hedge funds have recently bought and sold shares of HMY. Invesco Ltd. lifted its position in Harmony Gold Mining by 12,337.7% during the second quarter. Invesco Ltd. now owns 4,795,844 shares of the mining company's stock valued at $66,998,000 after purchasing an additional 4,757,285 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Harmony Gold Mining by 215.7% during the first quarter. Goldman Sachs Group Inc. now owns 5,571,374 shares of the mining company's stock valued at $82,289,000 after purchasing an additional 3,806,468 shares in the last quarter. AQR Capital Management LLC lifted its position in Harmony Gold Mining by 286.6% during the second quarter. AQR Capital Management LLC now owns 3,961,141 shares of the mining company's stock valued at $54,248,000 after purchasing an additional 2,936,552 shares in the last quarter. Acadian Asset Management LLC lifted its position in Harmony Gold Mining by 4,004.0% during the first quarter. Acadian Asset Management LLC now owns 2,460,852 shares of the mining company's stock valued at $36,333,000 after purchasing an additional 2,400,889 shares in the last quarter. Finally, Man Group plc lifted its position in Harmony Gold Mining by 1,801.7% during the second quarter. Man Group plc now owns 1,985,093 shares of the mining company's stock valued at $27,732,000 after purchasing an additional 1,880,708 shares in the last quarter. 31.79% of the stock is currently owned by hedge funds and other 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.