Harmony Gold Mining (NYSE:HMY) Shares Gap Up – Here’s Why

Harmony Gold Mining Company Limited (NYSE:HMY) gapped up before the market opened on Thursday . The stock had previously closed at $15.18, but opened at $16.05. Harmony Gold Mining shares last traded at $16.25, with a volume of 1,232,558 shares changing hands.

Analysts Set New Price Targets

HMY has been the topic of several recent research reports. Wall Street Zen lowered shares of Harmony Gold Mining from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Morgan Stanley upgraded Harmony Gold Mining to an “overweight” rating in a research note on Thursday, April 16th. Finally, Zacks Research raised Harmony Gold Mining from a “strong sell” rating to a “hold” rating in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.00.

Harmony Gold Mining Stock Up 6.1%

The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.38 and a current ratio of 0.54. The firm’s fifty day moving average price is $16.58 and its two-hundred day moving average price is $18.47.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. acquired a new stake in Harmony Gold Mining in the fourth quarter valued at approximately $17,832,000. Aquatic Capital Management LLC raised its stake in shares of Harmony Gold Mining by 78.7% during the 3rd quarter. Aquatic Capital Management LLC now owns 332,461 shares of the mining company’s stock worth $6,034,000 after buying an additional 146,459 shares during the period. Ninety One UK Ltd purchased a new position in shares of Harmony Gold Mining during the 4th quarter valued at approximately $6,939,000. Eschler Asset Management LLP lifted its position in shares of Harmony Gold Mining by 507.6% during the 4th quarter. Eschler Asset Management LLP now owns 70,596 shares of the mining company’s stock valued at $1,405,000 after buying an additional 58,978 shares in the last quarter. Finally, ABC Arbitrage SA lifted its position in shares of Harmony Gold Mining by 143.6% during the 4th quarter. ABC Arbitrage SA now owns 2,488,874 shares of the mining company’s stock valued at $49,529,000 after buying an additional 1,467,370 shares in the last quarter. 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 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.