Harmony Gold Mining (NYSE:HMY) Shares Gap Up - Should You Buy?

Harmony Gold Mining Company Limited (NYSE:HMY) experienced a notable gap up in share price ahead of the market opening on Monday. The stock had closed the previous day at $11.27 and opened at $11.64. As of the latest trading, shares of Harmony Gold Mining were priced at $11.68, with a trading volume of 1,680,836 shares.

Analysts Set New Price Targets

Recently, several analysts have issued new reports regarding HMY shares. StockNews.com downgraded Harmony Gold Mining from a "buy" rating to a "hold" rating in a report released on January 29th. Meanwhile, Bank of America began its coverage of Harmony Gold Mining on October 21st, giving the stock a "neutral" rating. Additionally, JPMorgan Chase & Co. increased their target price for Harmony Gold Mining from $8.20 to $8.40 while maintaining a "neutral" rating in a report dated November 12th.

Harmony Gold Mining Trading Up 5.1 %

The company currently maintains a current ratio of 1.56, a quick ratio of 1.07, and a debt-to-equity ratio of 0.04. It has a 50-day moving average of $9.18 and a 200-day moving average of $9.70.

Institutional Inflows and Outflows

Several hedge funds have adjusted their positions in HMY recently. Veracity Capital LLC increased its stake in Harmony Gold Mining by 7.9% during the third quarter, now holding 13,747 shares valued at approximately $140,000 after buying 1,003 additional shares. Ballentine Partners LLC enhanced its stake by 12.2% in the fourth quarter, owning 14,048 shares now worth about $115,000 after acquiring 1,533 shares. SG Americas Securities LLC raised its stake by 3.8% in the fourth quarter and now owns 52,524 shares valued at $431,000 after purchasing an additional 1,919 shares. Private Advisor Group LLC grew its holdings by 18.0% in the fourth quarter, holding 13,037 shares valued at $107,000 after buying 1,987 shares. Creative Planning also increased their stake by 3.6% during the third quarter, now owning 59,686 shares worth $607,000 after a purchase of 2,061 shares. Approximately 31.79% of the stock is held by institutional investors and hedge funds.

About Harmony Gold Mining

Harmony Gold Mining Company Limited is engaged in the exploration, extraction, and processing of gold and also searches for uranium, silver, copper, and molybdenum deposits. The company operates eight underground locations in the Witwatersrand Basin, an open-pit mine on the Kraaipan Greenstone Belt, and various surface operations across South Africa.

Considerations Before Investing

Before making any investing decisions regarding Harmony Gold Mining, it's worth considering insights from market analysts. Currently, Harmony Gold Mining has been rated as "Reduce" by various analysts, indicating that there might be more favorable investment opportunities elsewhere. Therefore, investors might want to explore other stocks that are highly recommended by top analysts.

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