Mining penny stocks, specifically Gold penny stocks, are starting Monday off slow—especially Yamana Gold and Harmony Gold Mining Company. Both are NYSE gold penny stocks.
The market is open, which means a turnaround could be in the future for either company. However, for now, Yamana Gold and Harmony Gold are swimming in the red zone.
Here’s a market recap.
Gold Penny Stocks On the NYSE: Yamana and Harmony
On Monday, September 10th, as of writing, Yamana Gold dropped nearly 2% while Harmony Gold was down almost 1.15%.
Not massive drops in price, but when you look at other gold penny stocks on the market today (like Largo Resources) you can see that these two stocks have fallen behind.
The question is why.
Yamana Gold Stock (NYSE:AUY)
As of 1:31 p.m. EDT, the Yamana Gold price is $2.405, putting the AUY stock down 1.43%.
Is this a case of the Monday blues or something more? That’s a hard question.
While mining penny stocks are volatile, going from green to red in 24 hours, this isn’t the first time Yamana Gold has fallen behind on the market this month. On September 7th, shares of Yamana Gold hit a new 52-week low. Today, this penny stock hit another 52-week low.
But that doesn’t mean the Canada-based company, which operates mines in Brazil, Argentina, and Chile, isn’t doing well—which is why Monday’s drop isn’t likely to be a long-term thing.
At the end of July, the company reported net earnings, highlighting both Q2 earnings beat, and revenues increasing year-over-year. Also, Yamana Gold has displayed in the past two months that it is working on bettering its company from the inside, creating an executive chairman role and appointing a new CEO.
Harmony Gold Mining Company (NYSE:HMY)
As of 1:43 p.m. EDT, the Harmony Gold price is $1.76; that means the gold penny stock is down 1.40%.
Similar to Yamana Gold, why? Just one of those days, or something more?
Well, in terms of market activity, this sort of result isn’t new for the NYSE mining penny stock. Twice (and consecutively) last month Harmony Gold Mining reached new 52-week lows.
But it did announce in the same month that revenues increased 12% year-over-year for fiscal 2018. And gold production was up 13%, while gold sales were up 6%.
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The Takeaway
Keep an eye on these gold penny stocks for the rest of the week. Doing so will give you an indication of whether today’s mining penny stocks market activity was a one-off.
Featured Image: Pixabay/© geralt
