Asanko Gold Inc (NYSEMKT:AKG) Downgraded by Scotiabank to Sector Perform

Scotiabank downgraded shares of Asanko Gold Inc (NYSEMKT:AKG) (TSE:AKG) from a sector outperform rating to a sector perform rating in a research note released on Wednesday.

Other equities research analysts also recently issued research reports about the company. Zacks Investment Research upgraded Asanko Gold from a hold rating to a buy rating and set a $1.75 price objective for the company in a research report on Wednesday, July 19th. Clarus Securities reissued a buy rating on shares of Asanko Gold in a research note on Friday, May 5th. ValuEngine raised shares of Asanko Gold from a sell rating to a hold rating in a research note on Thursday, June 1st. Raymond James Financial, Inc. reissued an outperform rating on shares of Asanko Gold in a research note on Friday, August 4th. Finally, CIBC downgraded shares of Asanko Gold from a sector perform rating to a sector underperform rating in a research note on Friday, August 4th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Hold and an average target price of $4.75.

Asanko Gold (AKG) opened at 0.9188 on Wednesday. The firm’s 50-day moving average price is $1.34 and its 200 day moving average price is $2.21. Asanko Gold has a 52-week low of $0.78 and a 52-week high of $4.68. The stock has a market cap of $186.93 million, a P/E ratio of 17.3358 and a beta of 1.05.

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Several institutional investors have recently bought and sold shares of AKG. Van ECK Associates Corp increased its position 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 period. Donald Smith & CO. Inc. increased its position in Asanko Gold by 480.2% in the second quarter. Donald Smith & CO. Inc. now owns 16,797,571 shares of the basic materials company’s stock worth $25,700,000 after buying an additional 13,902,657 shares during the period. AGF Investments Inc. increased its position in Asanko Gold by 7.1% in the second quarter. AGF Investments Inc. now owns 5,178,467 shares of the basic materials company’s stock worth $7,951,000 after buying an additional 345,165 shares during the period. OppenheimerFunds Inc. increased its position 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 period. Finally, Sprott Inc. increased its position in Asanko Gold by 0.5% in the second quarter. Sprott Inc. now owns 4,531,679 shares of the basic materials company’s stock worth $6,933,000 after buying an additional 21,898 shares during the period.

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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