Asanko Gold Inc (AKG) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Asanko Gold Inc (NYSEMKT:AKG) (TSE:AKG) from a sell rating to a buy rating in a report issued on Wednesday morning. They currently have $1.00 target price on the basic materials company’s stock.
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. “
A number of other research analysts have also recently commented on the company. ValuEngine cut Asanko Gold from a hold rating to a sell rating in a research note on Friday, September 1st. BidaskClub upgraded Asanko Gold from a strong sell rating to a sell rating in a research note on Wednesday, July 12th. Clarus Securities cut Asanko Gold from a buy rating to a hold rating in a research note on Friday, August 4th. CIBC cut Asanko Gold from a sector perform rating to a sector underperform rating in a research note on Friday, August 4th. Finally, Scotiabank cut Asanko Gold from a sector outperform rating to a sector perform rating in a research note on Wednesday, August 9th. Three analysts have rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Asanko Gold has an average rating of Hold and a consensus target price of $4.50.
Asanko Gold (NYSEMKT AKG) traded up 1.0928% during midday trading on Wednesday, hitting $0.9806. The stock had a trading volume of 320,537 shares. Asanko Gold has a 12 month low of $0.78 and a 12 month high of $4.17. The firm’s 50-day moving average price is $1.06 and its 200 day moving average price is $1.67. The company has a market cap of $199.50 million, a P/E ratio of 18.5019 and a beta of 1.05.
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Several institutional investors have recently bought and sold shares of AKG. Tudor Investment Corp ET AL bought a new stake in shares of Asanko Gold in the second quarter worth $138,000. Royal Bank of Canada grew its holdings in shares of Asanko Gold by 37.9% in the second quarter. Royal Bank of Canada now owns 90,148 shares of the basic materials company’s stock worth $138,000 after acquiring an additional 24,758 shares during the period. Commerzbank Aktiengesellschaft FI grew its holdings in shares of Asanko Gold by 16.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 134,627 shares of the basic materials company’s stock worth $206,000 after acquiring an additional 19,037 shares during the period. Virtu KCG Holdings LLC grew its holdings in shares of Asanko Gold by 67.1% in the second quarter. Virtu KCG Holdings LLC now owns 178,530 shares of the basic materials company’s stock worth $273,000 after acquiring an additional 71,688 shares during the period. Finally, BlueCrest Capital Management Ltd bought a new stake in shares of Asanko Gold in the second quarter worth $278,000.
Asanko Gold Company Profile
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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