Asanko Gold (AKG) Downgraded to Strong Sell at 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 issued 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 research report on Monday, October 22nd. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $1.00.

Asanko Gold stock traded down $0.03 during midday trading on Friday, reaching $0.73. The company’s stock had a trading volume of 2,800 shares, compared to its average volume of 650,861. Asanko Gold has a 52 week low of $0.43 and a 52 week high of $1.38.

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

Large investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new stake in shares of Asanko Gold during the second quarter worth about $302,000. Millennium Management LLC grew its holdings in shares of Asanko Gold by 155.6% during the first quarter. Millennium Management LLC now owns 369,795 shares of the basic materials company’s stock worth $370,000 after purchasing an additional 225,095 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Asanko Gold by 68.3% during the second quarter. Canada Pension Plan Investment Board now owns 1,986,000 shares of the basic materials company’s stock worth $2,144,000 after purchasing an additional 806,300 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Asanko Gold by 35.7% during the second quarter. Renaissance Technologies LLC now owns 3,900,100 shares of the basic materials company’s stock worth $4,173,000 after purchasing an additional 1,026,600 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Asanko Gold by 4.3% during the second quarter. Van ECK Associates Corp now owns 11,414,103 shares of the basic materials company’s stock worth $12,213,000 after purchasing an additional 475,728 shares during the last quarter.

Asanko Gold Company Profile

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.

Featured Story: How Important is Technical Analysis of Stocks

Get a free copy of the Zacks research report on Asanko Gold (AKG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Asanko Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Asanko Gold and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply