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

Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday, Zacks.com reports.

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. “

Shares of NYSEAMERICAN AKG traded down $0.01 during mid-day trading on Wednesday, reaching $0.60. 3,291 shares of the company’s stock traded hands, compared to its average volume of 244,710. Asanko Gold has a 1-year low of $0.56 and a 1-year high of $1.31.

Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) last issued its quarterly earnings data on Wednesday, May 8th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01).

A number of hedge funds have recently made changes to their positions in AKG. Sprott Inc. raised its position in shares of Asanko Gold by 31.7% in the first quarter. Sprott Inc. now owns 93,079 shares of the basic materials company’s stock valued at $57,000 after purchasing an additional 22,400 shares during the period. Jane Street Group LLC raised its position in shares of Asanko Gold by 17.9% in the fourth quarter. Jane Street Group LLC now owns 159,953 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 24,240 shares during the period. Millennium Management LLC raised its position in shares of Asanko Gold by 48.0% in the fourth quarter. Millennium Management LLC now owns 409,888 shares of the basic materials company’s stock valued at $262,000 after purchasing an additional 133,005 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Asanko Gold in the fourth quarter valued at approximately $119,000. Finally, Ruffer LLP raised its position in shares of Asanko Gold by 1.3% in the first quarter. Ruffer LLP now owns 19,722,289 shares of the basic materials company’s stock valued at $12,560,000 after purchasing an additional 246,200 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: Stock Split

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