Asanko Gold Inc. (AKG) Lifted to “Strong-Buy” at Zacks Investment Research
Asanko Gold Inc. (NYSEMKT:AKG) (TSE:AKG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday. The brokerage currently has a $4.00 price objective on the stock. Zacks Investment Research’s target price would suggest a potential upside of 13.96% from the stock’s current price.
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. “
Several other research analysts have also recently issued reports on AKG. Scotiabank reissued an “outperform” rating and issued a $6.75 price target on shares of Asanko Gold in a research note on Wednesday, August 17th. BMO Capital Markets restated an “outperform” rating and issued a $6.50 price objective on shares of Asanko Gold in a report on Friday, September 16th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $4.72.
Asanko Gold (NYSEMKT:AKG) traded up 2.03% during mid-day trading on Tuesday, reaching $3.51. The company had a trading volume of 398,191 shares. Asanko Gold has a 12 month low of $1.27 and a 12 month high of $4.68. The stock’s 50-day moving average is $3.65 and its 200 day moving average is $3.93. The firm’s market capitalization is $708.42 million.
Asanko Gold (NYSEMKT:AKG) last issued its quarterly earnings data on Monday, November 7th. The company reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.07.
Several large investors have recently made changes to their positions in AKG. Tower Research Capital LLC TRC increased its stake in shares of Asanko Gold by 531.3% in the second quarter. Tower Research Capital LLC TRC now owns 24,235 shares of the company’s stock valued at $120,000 after buying an additional 20,396 shares in the last quarter. CIBC World Markets Inc. increased its stake in shares of Asanko Gold by 12.9% in the second quarter. CIBC World Markets Inc. now owns 31,923 shares of the company’s stock valued at $122,000 after buying an additional 3,660 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in shares of Asanko Gold during the second quarter valued at approximately $164,000. Vanguard Group Inc. increased its stake in shares of Asanko Gold by 9.1% in the second quarter. Vanguard Group Inc. now owns 49,534 shares of the company’s stock valued at $189,000 after buying an additional 4,123 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its stake in shares of Asanko Gold by 46.3% in the third quarter. Great West Life Assurance Co. Can now owns 47,199 shares of the company’s stock valued at $199,000 after buying an additional 14,935 shares in the last quarter.
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About Asanko Gold
Asanko Gold Inc (Asanko) is an exploration and development-stage company. The Company is focused on advancing its principal project, the Asanko Gold Mine, to commercial production. The Company’s segment is the exploration and development of resource properties. In addition to its principal project, the Company holds a portfolio of other Ghanaian gold concessions in various stages of exploration.
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