Analysts at Zacks Investment Research upgraded shares of Harmony Gold Mining Co. (NYSE: HMY) from Sell to Hold today. Zacks Investment Research currently has a rating of Hold on the shares. The one-year price target of $4.60 is above the opening price of $3.42, causing a fair amount of other analysts to issue statements on the company recently. Looking back over the last 52 weeks, Harmony Gold Mining Co. stock has a high of $4.87. Share prices sometimes get a spike to the upside when analysts upgrade a stock.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Shares of Harmony Gold Mining Co. (NYSE: HMY) opened at $3.42 yesterday and traded in a range between, $3.42 and $3.82, and last traded at $3.77, a jump of $0.40 from the previous closing price.
Harmony Gold Mining Co. (NYSE: HMY) now has a market cap of 1.64B.
6,992,028 shares traded hands yesterday, higher than the average, out of a total float 368,977,000. Large gains in trading volume and price growth together could mean heavy volume accumulation by institutional investors.
While increased trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a series of days or weeks expresses a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
By tracking the activity of these professional investors and how they affect moving averages,it allows for traders to make more impactful judgments on trades.
Trades for Harmony Gold Mining Co. (NYSE: HMY) have ranged from $0.53 – 4.87, and the stock now has a 50-day MA of $4.00 and 200-day MA of $3.77. Today’s last price is 0.23% below the 52 week high of $4.87.
Earnings growth is an important factor to look at when investing in stocks and investors look for companies that have grown their earnings by at least 25% over 3 consecutive years.
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