Asanko Gold Inc (AKG) Raised to Sell at BidaskClub

BidaskClub upgraded shares of Asanko Gold Inc (NYSEMKT:AKG) (TSE:AKG) from a strong sell rating to a sell rating in a report published on Wednesday.

AKG has been the topic of several other research reports. ValuEngine raised shares of Asanko Gold from a sell rating to a hold rating in a report on Thursday, June 1st. UBS AG raised shares of Asanko Gold from an outperform rating to a strong-buy rating in a report on Wednesday, April 5th. Clarus Securities reaffirmed a buy rating on shares of Asanko Gold in a report on Friday, May 5th. Finally, Raymond James Financial, Inc. raised shares of Asanko Gold from an outperform rating to a strong-buy rating in a report on Wednesday, April 5th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $5.33.

Asanko Gold (NYSEMKT AKG) opened at 1.62 on Wednesday. The stock’s market capitalization is $329.59 million. The company’s 50 day moving average is $1.75 and its 200-day moving average is $2.62. Asanko Gold has a 1-year low of $1.28 and a 1-year high of $4.68.

Asanko Gold (NYSEMKT:AKG) (TSE:AKG) last issued its earnings results on Thursday, May 4th. The basic materials company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.03. The firm had revenue of $66.05 million for the quarter. Asanko Gold had a net margin of 11.83% and a return on equity of 7.42%. Analysts forecast that Asanko Gold will post $0.13 earnings per share for the current fiscal year.

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A number of hedge funds have recently added to or reduced their stakes in AKG. Van ECK Associates Corp boosted its stake in Asanko Gold by 11.4% in the first quarter. Van ECK Associates Corp now owns 41,652,253 shares of the basic materials company’s stock worth $108,729,000 after buying an additional 4,276,240 shares during the last quarter. Donald Smith & CO. Inc. boosted its stake in Asanko Gold by 44.1% in the first quarter. Donald Smith & CO. Inc. now owns 2,894,914 shares of the basic materials company’s stock worth $7,556,000 after buying an additional 886,424 shares during the last quarter. OppenheimerFunds Inc. boosted its stake in Asanko Gold by 20.4% in the first quarter. OppenheimerFunds Inc. now owns 4,960,000 shares of the basic materials company’s stock worth $13,017,000 after buying an additional 840,000 shares during the last quarter. Morgan Stanley boosted its stake in Asanko Gold by 64.5% in the first quarter. Morgan Stanley now owns 1,315,142 shares of the basic materials company’s stock worth $3,433,000 after buying an additional 515,632 shares during the last quarter. Finally, ASA Gold & Precious Metals Ltd boosted its position in shares of Asanko Gold by 28.1% in the first quarter. ASA Gold & Precious Metals Ltd now owns 1,825,000 shares of the basic materials company’s stock worth $4,782,000 after buying an additional 400,000 shares during the last quarter.

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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