Why Harmony Gold Mining Company Limited (HMY) Went Down On Tuesday

We recently published a list of 10 Stocks Got Wiped Out. Are You Holding Any? In this article, we are going to take a look at where Harmony Gold Mining Company Limited (NYSE:HMY) stands against other worst-performing stocks.

Harmony Gold saw its share prices tumble by 8.78 percent on Tuesday to finish at $14.45 apiece following news that it is set to acquire MAC Copper Ltd. (NYSE:MTAL) for $1.03 billion.

According to the company, the acquisition would be fully paid in cash. Through the Australian firm, it would accelerate its strategic shift into the copper industry.

Under the transaction, Harmony Gold Mining Company Limited (NYSE:HMY) would buy MAC Copper’s shares at a price of $12.25 apiece. The amount represented a 21-percent premium from its closing price on Friday, or prior to the announcement.

Why Harmony Gold Mining Company Limited (HMY) Went Down On Tuesday

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

Upon closing of the transaction, Harmony Gold Mining Company Limited (NYSE:HMY) would gain full ownership of MAC Copper’s only asset, the CSA copper mine in central western New South Wales, one of Australia’s highest grade and oldest operating copper mines.

Overall, HMY ranks 3rd on our list of worst-performing stocks. While we acknowledge the potential of HMY, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HMY and that has 10,000x upside potential, check out our report about this cheapest AI stock.

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

Disclosure: None. This article is originally published at Insider Monkey.