✕

Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Why Harmony Gold Mining Company Limited (HMY) Crashed on Tuesday

We recently published an article titled Gold Miners Dominate Tuesday’s Worst-Performing Stocks. In this article, we are going to take a look at where Harmony Gold Mining Company Limited (NYSE:HMY) stands against the other stocks.

Wall Street’s main indices bounced back from a bloodbath on Tuesday as investors gobbled up shares on hopes that the US-China trade tensions can subside.

The Dow Jones rallied by 2.66 percent, the S&P 500 rose by 2.51 percent, and the Nasdaq surged by 2.71 percent.

Despite a broader market optimism, 10 companies, predominantly gold miners, were heavily sold down amid lower gold prices.

To come up with the list, we considered only the stocks with more than $1 billion in market capitalization and $5 million in trading volume.

An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

Harmony Gold Mining Company Limited (NYSE:HMY)

Harmony Gold Mining Company Limited dropped its share prices by 3.9 percent on Tuesday to end at $17.01 apiece as investor funds flocked to higher-yielding assets such as Bitcoin amid the drop in spot prices of gold.

As of this writing, spot prices of gold were at $3,340.94 per ounce, marking a drop from the $3,500 territory in the previous trading session.

In recent news, Harmony Gold Mining Company Limited earned a higher price target of ZAR 295 from ZAR 205 previously, while keeping a hold rating on the shares.

Earlier this year, the company said that its net income in the first semester grew by 33 percent to R7.9 billion from R5.96 billion in the same period a year earlier, as revenues rose by 18 percent to R37.1 billion from R31.4 billion, with gold revenues contributing to total revenue growth, increasing 19 percent to R35.4 million from R29.7 million.


 

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

This article is originally published at Insider Monkey.