Zacks Investment Research Downgrades Asanko Gold (AKG) to Strong Sell

Zacks Investment Research cut shares of Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) 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 up $0.01 during midday trading on Wednesday, hitting $0.61. 1,200 shares of the company traded hands, compared to its average volume of 242,961. Asanko Gold has a 12-month low of $0.56 and a 12-month high of $1.31.

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

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Morgan Stanley grew its holdings in Asanko Gold by 84.0% in the first quarter. Morgan Stanley now owns 1,292,851 shares of the basic materials company’s stock worth $803,000 after purchasing an additional 590,187 shares during the period. Sprott Inc. grew its holdings in Asanko Gold by 31.7% in the first quarter. Sprott Inc. now owns 93,079 shares of the basic materials company’s stock worth $57,000 after purchasing an additional 22,400 shares during the period. Renaissance Technologies LLC grew its holdings in Asanko Gold by 11.3% in the first quarter. Renaissance Technologies LLC now owns 5,045,620 shares of the basic materials company’s stock worth $3,138,000 after purchasing an additional 511,994 shares during the period. Loews Corp grew its holdings in Asanko Gold by 30.3% in the first quarter. Loews Corp now owns 3,228,506 shares of the basic materials company’s stock worth $2,032,000 after purchasing an additional 750,127 shares during the period. Finally, Ruffer LLP grew its holdings in Asanko Gold by 1.3% in the first quarter. Ruffer LLP now owns 19,722,289 shares of the basic materials company’s stock worth $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.

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