Harmony Gold Mining (NYSE:HMY) Trading Down 11.9% - Should You Sell?

Key Points

• Shares plunged about 12% intraday to roughly $16.69 from a prior close of $18.95, with ~2.64 million shares traded—about 46% below the stock's average daily volume.
• The analyst picture is mixed but lukewarm: MarketBeat shows a consensus of "Moderate Buy" with an average target of $16.00, based on 1 Strong Buy, 1 Buy and 3 Hold ratings, and several recent upgrades and downgrades from individual shops.
• Technical and financials show pressure on the stock (50‑day MA $21.36 and 200‑day MA $19.02 are well above the current price), although the company has low leverage (debt/equity 0.04), a current ratio of 1.72, and ~31.8% institutional ownership.

Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report)'s stock price dropped 11.9% during mid-day trading on Wednesday . The company traded as low as $16.30 and last traded at $16.6860. Approximately 2,639,317 shares traded hands during trading, a decline of 46% from the average daily volume of 4,858,109 shares. The stock had previously closed at $18.95.

Wall Street Analysts Forecast Growth

HMY has been the topic of several research reports. Zacks Research lowered shares of Harmony Gold Mining from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 16th. Wall Street Zen raised shares of Harmony Gold Mining from a "buy" rating to a "strong-buy" rating in a research report on Saturday, January 17th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Harmony Gold Mining in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $16.00.

Harmony Gold Mining Trading Down 12.5%

The firm has a fifty day moving average of $21.36 and a 200 day moving average of $19.02. The company has a current ratio of 1.72, a quick ratio of 1.41 and a debt-to-equity ratio of 0.04.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HMY. Advisory Services Network LLC purchased a new stake in Harmony Gold Mining during the 3rd quarter worth $25,000. Colonial Trust Advisors purchased a new position in Harmony Gold Mining in the 2nd quarter valued at about $26,000. TD Private Client Wealth LLC acquired a new stake in shares of Harmony Gold Mining during the fourth quarter valued at about $26,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Harmony Gold Mining during the fourth quarter valued at about $26,000. Finally, Assetmark Inc. increased its position in shares of Harmony Gold Mining by 907.5% during the third quarter. Assetmark Inc. now owns 1,753 shares of the mining company's stock worth $32,000 after acquiring an additional 1,579 shares during the last quarter. 31.79% of the stock is currently owned by hedge funds and other institutional investors.

About Harmony Gold Mining

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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