Asanko Gold Inc. (AKG) Earns “Outperform” Rating from Scotiabank
Asanko Gold Inc. (NYSEMKT:AKG)‘s stock had its “outperform” rating restated by equities research analysts at Scotiabank in a report issued on Friday. They presently have a $7.50 target price on the stock, up from their prior target price of $6.75. Scotiabank’s price objective would indicate a potential upside of 89.87% from the stock’s current price.
A number of other research firms also recently issued reports on AKG. Zacks Investment Research upgraded Asanko Gold from a “sell” rating to a “hold” rating in a research note on Monday, July 18th. Canaccord Genuity upgraded Asanko Gold from a “hold” rating to a “buy” rating in a research note on Monday, June 6th. BMO Capital Markets reaffirmed an “outperform” rating and set a $6.50 price objective on shares of Asanko Gold in a research report on Friday. Finally, Royal Bank Of Canada cut Asanko Gold from an “outperform” rating to a “sector perform” rating in a research report on Thursday, June 9th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $4.53.
Shares of Asanko Gold (NYSEMKT:AKG) traded down 6.18% during midday trading on Friday, hitting $3.95. 2,693,590 shares of the company traded hands. The stock has a 50 day moving average of $4.30 and a 200-day moving average of $3.47. Asanko Gold has a 52 week low of $1.27 and a 52 week high of $4.65. The stock’s market capitalization is $795.11 million.
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Hedge funds and other institutional investors have recently bought and sold shares of the company. CIBC World Markets Inc. boosted 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 during the period. Vanguard Group Inc. boosted 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 during the period. Bank of Nova Scotia boosted its stake in shares of Asanko Gold by 9.4% in the second quarter. Bank of Nova Scotia now owns 53,671 shares of the company’s stock valued at $205,000 after buying an additional 4,595 shares during the period. Tower Research Capital LLC TRC boosted 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 during the period. Finally, Swiss National Bank boosted its stake in shares of Asanko Gold by 11.3% in the second quarter. Swiss National Bank now owns 317,900 shares of the company’s stock valued at $1,210,000 after buying an additional 32,400 shares during the period.
Asanko Gold Company Profile
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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