Asanko Gold (AKG) Downgraded by Zacks Investment Research

Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Friday.

According to Zacks, “Asanko Gold Inc. is a gold producer with its flagship asset, the Asanko Gold Mine, located in Ghana, West Africa. Asanko Gold Inc., formerly known as Keegan Resources Inc., is based in Vancouver, Canada. “

Separately, Canaccord Genuity reiterated a “hold” rating on shares of Asanko Gold in a report on Monday, October 22nd. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $1.00.

AKG opened at $0.73 on Friday. Asanko Gold has a twelve month low of $0.43 and a twelve month high of $1.38.

Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) last released its quarterly earnings results on Thursday, November 8th. The basic materials company reported ($0.01) earnings per share for the quarter. The company had revenue of $30.67 million for the quarter.

A number of hedge funds have recently added to or reduced their stakes in AKG. Donald Smith & CO. Inc. grew its stake in shares of Asanko Gold by 4.0% in the 3rd quarter. Donald Smith & CO. Inc. now owns 21,232,924 shares of the basic materials company’s stock valued at $17,135,000 after buying an additional 817,167 shares during the period. Van ECK Associates Corp grew its stake in shares of Asanko Gold by 4.3% in the 2nd quarter. Van ECK Associates Corp now owns 11,414,103 shares of the basic materials company’s stock valued at $12,213,000 after buying an additional 475,728 shares during the period. Renaissance Technologies LLC grew its stake in shares of Asanko Gold by 35.7% in the 2nd quarter. Renaissance Technologies LLC now owns 3,900,100 shares of the basic materials company’s stock valued at $4,173,000 after buying an additional 1,026,600 shares during the period. Canada Pension Plan Investment Board grew its stake in shares of Asanko Gold by 68.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,986,000 shares of the basic materials company’s stock valued at $2,144,000 after buying an additional 806,300 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in shares of Asanko Gold in the 2nd quarter valued at approximately $302,000.

About Asanko Gold

Asanko Gold Inc engages in the exploration, development, and production of gold properties. Its principal project is the Asanko Gold Mine, which consists of two gold projects, such as the Obotan Project and the Esaase Project located in the Amansie West District of the Republic of Ghana, West Africa.

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