Asanko Gold (AKG) Downgraded to “Sell” at Zacks Investment Research

Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.

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. “

AKG has been the subject of several other reports. Canaccord Genuity downgraded shares of Asanko Gold from a “buy” rating to a “hold” rating and set a $1.00 target price for the company. in a research note on Monday, November 20th. Royal Bank of Canada restated a “hold” rating and issued a $1.75 target price on shares of Asanko Gold in a research note on Monday, October 23rd. Clarus Securities upgraded shares of Asanko Gold from a “hold” rating to a “buy” rating in a research note on Monday, November 6th. BidaskClub upgraded shares of Asanko Gold from a “strong sell” rating to a “sell” rating in a research note on Saturday, November 4th. Finally, Raymond James Financial restated a “market perform” rating on shares of Asanko Gold in a research note on Tuesday, November 14th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $1.25.

Shares of Asanko Gold (NYSEAMERICAN:AKG) traded down $0.02 during mid-day trading on Monday, reaching $0.67. 769,500 shares of the company traded hands, compared to its average volume of 961,750. The stock has a market capitalization of $134.06, a price-to-earnings ratio of 33.50 and a beta of 0.07. Asanko Gold has a 12 month low of $0.43 and a 12 month high of $3.90.

Several large investors have recently bought and sold shares of the company. AGF Investments Inc. lifted its stake in shares of Asanko Gold by 13.3% during the third quarter. AGF Investments Inc. now owns 5,864,934 shares of the basic materials company’s stock worth $5,546,000 after buying an additional 686,467 shares during the period. Donald Smith & CO. Inc. lifted its stake in shares of Asanko Gold by 20.7% during the third quarter. Donald Smith & CO. Inc. now owns 20,273,390 shares of the basic materials company’s stock worth $19,327,000 after buying an additional 3,475,819 shares during the period. Integrated Investment Consultants LLC acquired a new stake in shares of Asanko Gold during the third quarter worth $161,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Asanko Gold during the second quarter worth $278,000. Finally, Royal Bank of Canada lifted its stake in shares of Asanko Gold by 37.9% during the second quarter. Royal Bank of Canada now owns 90,148 shares of the basic materials company’s stock worth $138,000 after buying an additional 24,758 shares during the period.

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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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