Asanko Gold Inc (AKG) Sees Large Decline in Short Interest

Asanko Gold Inc (NYSEAMERICAN:AKG) (TSE:AKG) was the recipient of a significant decline in short interest in December. As of December 29th, there was short interest totalling 1,712,321 shares, a decline of 39.4% from the December 15th total of 2,825,863 shares. Approximately 0.9% of the company’s stock are short sold. Based on an average trading volume of 1,748,058 shares, the days-to-cover ratio is currently 1.0 days.

Shares of Asanko Gold (NYSEAMERICAN AKG) remained flat at $$0.77 during trading hours on Monday. 637,123 shares of the company were exchanged, compared to its average volume of 1,571,743. Asanko Gold has a 12 month low of $0.43 and a 12 month high of $3.78. The company has a market capitalization of $158.84, a price-to-earnings ratio of 38.50 and a beta of 0.42.

Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) last announced its quarterly earnings results on Friday, November 3rd. The basic materials company reported $0.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.01. Asanko Gold had a return on equity of 4.34% and a net margin of 9.25%.

Several equities analysts have issued reports on the company. Clarus Securities upgraded Asanko Gold from a “hold” rating to a “buy” rating in a research note on Monday, November 6th. BidaskClub raised Asanko Gold from a “strong sell” rating to a “sell” rating in a report on Saturday, November 4th. Royal Bank of Canada reaffirmed a “hold” rating and set a $1.75 target price on shares of Asanko Gold in a report on Monday, October 23rd. Zacks Investment Research downgraded Asanko Gold from a “buy” rating to a “hold” rating in a report on Friday, October 20th. Finally, UBS Group downgraded Asanko Gold from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 14th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $1.25.

Several hedge funds have recently made changes to their positions in the company. Donald Smith & CO. Inc. raised its stake in shares of Asanko Gold by 20.7% during the 3rd quarter. Donald Smith & CO. Inc. now owns 20,273,390 shares of the basic materials company’s stock worth $19,327,000 after buying an additional 3,475,819 shares during the period. AGF Investments Inc. raised its stake in shares of Asanko Gold by 13.3% during the 3rd quarter. AGF Investments Inc. now owns 5,864,934 shares of the basic materials company’s stock worth $5,546,000 after buying an additional 686,467 shares during the period. Franklin Resources Inc. increased its position in shares of Asanko Gold by 9.6% during the second quarter. Franklin Resources Inc. now owns 4,220,000 shares of the basic materials company’s stock worth $6,479,000 after purchasing an additional 370,000 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Asanko Gold by 10,524.7% during the second quarter. Goldman Sachs Group Inc. now owns 2,480,761 shares of the basic materials company’s stock worth $3,796,000 after purchasing an additional 2,457,412 shares in the last quarter. Finally, Loews Corp increased its position in shares of Asanko Gold by 13.0% during the second quarter. Loews Corp now owns 2,478,379 shares of the basic materials company’s stock worth $3,804,000 after purchasing an additional 284,592 shares in the last quarter.

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About Asanko Gold

Asanko Gold Inc is a gold producer. The Company has operations in the Republic of Ghana. The Company’s segments include Canada and Ghana. The Company’s principal asset is the Asanko Gold Mine (AGM) located in Ghana, West Africa. The Company’s Project 5M will upgrade the plant’s throughput to five metric tons per annum and expand mining operations to integrate the Esaase deposit, including the construction of a 27-kilometer overland conveyor.

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