Zacks Investment Research upgraded shares of Asanko Gold Inc (NYSEMKT:AKG) (TSE:AKG) from a sell rating to a hold rating in a research report sent to investors on Wednesday.

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 equities analysts also recently weighed in on AKG. Raymond James Financial, Inc. reiterated an outperform rating on shares of Asanko Gold in a report on Friday, August 4th. Scotiabank downgraded shares of Asanko Gold from a sector outperform rating to a sector perform rating in a report on Wednesday, August 9th. CIBC cut shares of Asanko Gold from a sector perform rating to a sector underperform rating in a research note on Friday, August 4th. Clarus Securities cut shares of Asanko Gold from a buy rating to a hold rating in a research note on Friday, August 4th. Finally, BidaskClub cut shares of Asanko Gold from a sell rating to a strong sell rating in a research note on Friday, July 28th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Hold and an average price target of $4.75.

Shares of Asanko Gold (AKG) opened at 1.06 on Wednesday. The company has a market capitalization of $215.66 million, a price-to-earnings ratio of 20.00 and a beta of 1.05. The company’s 50-day moving average is $1.05 and its 200 day moving average is $1.82. Asanko Gold has a 12 month low of $0.77 and a 12 month high of $4.68.

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Several hedge funds and other institutional investors have recently modified their holdings of the company. Van ECK Associates Corp grew its stake in shares of Asanko Gold by 11.4% during the 1st quarter. Van ECK Associates Corp now owns 41,652,253 shares of the basic materials company’s stock worth $108,729,000 after purchasing an additional 4,276,240 shares during the period. Donald Smith & CO. Inc. grew its stake in shares of Asanko Gold by 480.2% during the 2nd quarter. Donald Smith & CO. Inc. now owns 16,797,571 shares of the basic materials company’s stock worth $25,700,000 after purchasing an additional 13,902,657 shares during the period. AGF Investments Inc. grew its stake in shares of Asanko Gold by 7.1% during the 2nd quarter. AGF Investments Inc. now owns 5,178,467 shares of the basic materials company’s stock worth $7,951,000 after purchasing an additional 345,165 shares during the period. OppenheimerFunds Inc. grew its stake in shares of Asanko Gold by 20.4% during the 1st quarter. OppenheimerFunds Inc. now owns 4,960,000 shares of the basic materials company’s stock worth $13,017,000 after purchasing an additional 840,000 shares during the period. Finally, Sprott Inc. grew its stake in shares of Asanko Gold by 0.5% during the 2nd quarter. Sprott Inc. now owns 4,531,679 shares of the basic materials company’s stock worth $6,933,000 after purchasing an additional 21,898 shares during the period.

Asanko Gold Company Profile

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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Analyst Recommendations for Asanko Gold (NYSEMKT:AKG)

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