Harmony Gold Mining Company Limited (NYSE:HMY) has tumbled 4.66% during the past week, however, the bigger picture is still very bullish; the stocks have advanced and posted positive gains of 4.82% in the last four weeks. The stocks have underperformed the S&P 500 by 3.51% during the past week but Harmony Gold Mining Company Limited (NYSE:HMY) it has outperformed the index in 4 weeks by 3.86%.
Harmony Gold Mining Company Limited (NYSE:HMY): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $3.49 and $3.31 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $3.53. The buying momentum continued till the end and the stock did not give up its gains. It closed at $3.48, notching a gain of 1.75% for the day. The total traded volume was 23,625,568 . The stock had closed at $3.42 on the previous day.
The company shares have rallied 146.81% from its 1 Year high price. On Mar 17, 2016, the shares registered one year high at $4.19 and the one year low was seen on Nov 20, 2015. The 50-Day Moving Average price is $3.38 and the 200 Day Moving Average price is recorded at $2.67.
Many analysts have stated their opinion on the company shares. In a research note released to the investors, Macquarie downgrades its rating on Harmony Gold Mining Company Limited (NYSE:HMY).The analysts at the brokerage house have a current rating of Underperform on the shares. Earlier, the shares were rated a Neutral by the brokerage firm. The rating by the firm was issued on March 15, 2016. Currently the company Insiders own 16.02% of Harmony Gold Mining Company Limited shares according to the proxy statements. Institutional Investors own 38.54% of Harmony Gold Mining Company Limited shares.
Harmony Gold Mining Company Limited is a gold-mining and exploration company. The Company has operations in South Africa and Papua New Guinea. In South Africa, the Companys operations are focused on the Witwatersrand Basin and the Kraaipan Greenstone Belt. The Company operates nine underground mines, one open-pit mine and several surface operations. The Companys operations in Papua New Guinea form part of a 50% joint venture with Newcrest Mining Limited. These operations include the Hidden Valley open-pit gold and silver mine, the Wafi-Golpu project and exploration tenements. In addition to its joint venture work, Harmony also has a 100%-owned exploration portfolio that focuses on prospective areas in Papua New Guinea. The Golpu project is a differentiating feature for Harmony and is one of the gold copper porphyries in South East Asia with an expected life-span of approximately 40 years. It has a diameter of approximately 600 meters and a proven depth of approximately 1,700 meters.