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

Key Points

• Harmony Gold Mining shares opened higher, rising from a prior close of $20.19 to $20.98 before trading around $20.89, with roughly 660,721 shares changing hands.
• Analyst sentiment is generally positive: the stock carries a “Moderate Buy” consensus, including one Strong Buy, two Buy, and two Hold ratings.
• Institutional interest has increased, with several hedge funds significantly expanding their positions; institutional investors collectively own 31.79% of HMY.

Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $20.19, but opened at $20.98. Harmony Gold Mining shares last traded at $20.8930, with a volume of 660,721 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on HMY. Wall Street Zen upgraded shares of Harmony Gold Mining from a "hold" rating to a "buy" rating in a research note on Sunday, September 6th. Weiss Ratings restated a "buy (b-)" rating on shares of Harmony Gold Mining in a research report on Friday, July 17th. Finally, Zacks Research raised Harmony Gold Mining to a "hold" rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy".

Harmony Gold Mining Stock Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 0.84 and a quick ratio of 0.64. The business's 50-day moving average is $18.13 and its two-hundred day moving average is $17.31.

Institutional Trading of Harmony Gold Mining

Several hedge funds and other institutional investors have recently made changes to their positions in HMY. FIL Ltd purchased a new position in Harmony Gold Mining in the fourth quarter worth $111,182,000. Goldman Sachs Group Inc. boosted its holdings 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 worth $82,289,000 after buying an additional 3,806,468 shares in the last quarter. AQR Capital Management LLC boosted its holdings 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 worth $54,248,000 after buying an additional 2,936,552 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Harmony Gold Mining by 7,504.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,306,431 shares of the mining company's stock worth $41,862,000 after buying an additional 2,276,099 shares during the period. Finally, Man Group plc grew 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 worth $27,732,000 after buying an additional 1,880,708 shares during the period. Hedge funds and other institutional investors own 31.79% of the company's stock.

About Harmony Gold Mining

Harmony Gold Mining Company Limited is a South African gold producer headquartered in Randfontein, South Africa. The company explores for, extracts, and processes gold from underground and surface operations, producing doré bars and gold concentrate for sale to refiners. Harmony is listed on the Johannesburg Stock Exchange and its American depositary shares trade on the New York Stock Exchange under the symbol HMY.

Harmony's operations are primarily located in South Africa, where its assets include the Mponeng, Doornkop, Kusasalethu, and Tshepong operations, as well as surface retreatment and tailings-processing businesses.

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