Harmony Gold Mining (NYSE:HMY) Shares Gap Down – Should You Sell?

Harmony Gold Mining Company Limited (NYSE:HMY)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $19.59, but opened at $18.50. Harmony Gold Mining shares last traded at $18.20, with a volume of 1,585,417 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on HMY. Wall Street Zen raised Harmony Gold Mining from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Harmony Gold Mining in a research note on Thursday, January 22nd. Finally, Zacks Research cut shares of Harmony Gold Mining from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 16th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

Harmony Gold Mining Stock Performance

The business has a 50-day moving average of $21.36 and a 200-day moving average of $19.02. The company has a quick ratio of 1.41, a current ratio of 1.72 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On Harmony Gold Mining

A number of institutional investors and hedge funds have recently modified their holdings of HMY. Jones Financial Companies Lllp grew its holdings in Harmony Gold Mining by 210.4% during the first quarter. Jones Financial Companies Lllp now owns 18,165 shares of the mining company’s stock worth $268,000 after purchasing an additional 12,312 shares during the period. Goldman Sachs Group Inc. raised its stake in Harmony Gold Mining by 215.7% in 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 buying an additional 3,806,468 shares during the period. Envestnet Asset Management Inc. raised its stake in Harmony Gold Mining by 15.5% in the second quarter. Envestnet Asset Management Inc. now owns 184,507 shares of the mining company’s stock valued at $2,578,000 after buying an additional 24,779 shares during the period. Bank of Montreal Can lifted its position in shares of Harmony Gold Mining by 11.3% in the second quarter. Bank of Montreal Can now owns 225,050 shares of the mining company’s stock valued at $3,144,000 after buying an additional 22,777 shares during the last quarter. Finally, First Horizon Advisors Inc. acquired a new stake in shares of Harmony Gold Mining in the second quarter valued at approximately $55,000. 31.79% of the stock is owned by 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.