Zacks Investment Research cut shares of Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) from a hold rating to a strong sell rating in a research report released on Friday.

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. “

Separately, Canaccord Genuity reiterated a hold rating on shares of Asanko Gold in a report on Monday, October 22nd. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Asanko Gold presently has a consensus rating of Hold and a consensus target price of $1.00.

Asanko Gold stock traded down $0.03 during midday trading on Friday, hitting $0.73. 82,788 shares of the stock were exchanged, compared to its average volume of 648,255. Asanko Gold has a 52 week low of $0.43 and a 52 week high of $1.38.

Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) last announced its earnings results on Thursday, November 8th. The basic materials company reported ($0.01) EPS for the quarter. The business had revenue of $30.67 million for the quarter.

Hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its position in shares of Asanko Gold by 155.6% in the first quarter. Millennium Management LLC now owns 369,795 shares of the basic materials company’s stock valued at $370,000 after acquiring an additional 225,095 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Asanko Gold in the second quarter valued at about $302,000. Donald Smith & CO. Inc. boosted its position in shares of Asanko Gold by 1.4% in the second quarter. Donald Smith & CO. Inc. now owns 20,415,757 shares of the basic materials company’s stock valued at $21,845,000 after acquiring an additional 284,309 shares during the period. Van ECK Associates Corp boosted its position in shares of Asanko Gold by 4.3% in the second quarter. Van ECK Associates Corp now owns 11,414,103 shares of the basic materials company’s stock valued at $12,213,000 after acquiring an additional 475,728 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in shares of Asanko Gold by 68.3% in the second quarter. Canada Pension Plan Investment Board now owns 1,986,000 shares of the basic materials company’s stock valued at $2,144,000 after acquiring an additional 806,300 shares during the period.

Asanko Gold Company Profile

Asanko Gold Inc engages in the exploration, development, and production of gold properties. Its principal project is the Asanko Gold Mine, which consists of two gold projects, such as the Obotan Project and the Esaase Project located in the Amansie West District of the Republic of Ghana, West Africa.

Further Reading: What is the NASDAQ Stock Market?

Get a free copy of the Zacks research report on Asanko Gold (AKG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Asanko Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Asanko Gold and related companies with MarketBeat.com's FREE daily email newsletter.