Why Harmony Gold Mining Company Limited (HMY) Lagged Performance on Wednesday

We recently published an article titled These 10 Firms Led Lagged Performance on Wednesday. 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 major indices finished in the green territory anew on Wednesday as worries about tariff policies and the Federal Reserve’s independence tapered off following President Donald Trump’s assurance that he had no intentions of ousting Jerome Powell.

The Nasdaq surged by 2.5 percent, the S&P 500 rose by 1.67 percent, while the Dow Jones increased by 1.07 percent.

Ten companies, on the other hand, led the highest declines, booking modest losses during the trading session.

In this article, we have identified Wednesday’s 10 worst-performing stocks and detailed the reasons behind their lagging performance.

To come up with the list, we considered only the stocks with more than $2 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 (NYSE:HMY) dropped its share prices for a second day, shedding 5.76 percent to finish at $16.03 apiece as investors continued to sell off positions amid the drop in spot prices of gold.

As of 4:46 PM EDT on Wednesday, gold spot prices were down by 2.73 percent at $3,288.44 per ounce.

In recent news, Harmony Gold Mining Company Limited (NYSE:HMY) 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.

Overall HMY ranks 9th on our list of the worst performing stocks on Wednesday. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than HMY but that trades at less than 5 times its earnings, 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.