Zacks Investment Research upgraded shares of Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) from a hold rating to a buy rating in a research report sent to investors on Tuesday. The brokerage currently has $1.00 price target on the basic materials company’s stock.

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. “

Asanko Gold stock opened at $0.81 on Tuesday. Asanko Gold has a 12 month low of $0.43 and a 12 month high of $1.38.

Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) last posted its earnings results on Thursday, August 2nd. The basic materials company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.02. Asanko Gold had a return on equity of 4.34% and a net margin of 9.25%. The company had revenue of $66.82 million for the quarter.

Several hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC lifted its stake in Asanko Gold by 35.7% during the second quarter. Renaissance Technologies LLC now owns 3,900,100 shares of the basic materials company’s stock worth $4,173,000 after purchasing an additional 1,026,600 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Asanko Gold by 68.3% during the second quarter. Canada Pension Plan Investment Board now owns 1,986,000 shares of the basic materials company’s stock worth $2,144,000 after purchasing an additional 806,300 shares during the last quarter. Van ECK Associates Corp lifted its stake in Asanko Gold by 4.3% during the second quarter. Van ECK Associates Corp now owns 11,414,103 shares of the basic materials company’s stock worth $12,213,000 after purchasing an additional 475,728 shares during the last quarter. Donald Smith & CO. Inc. lifted its stake in Asanko Gold by 1.4% during the second quarter. Donald Smith & CO. Inc. now owns 20,415,757 shares of the basic materials company’s stock worth $21,845,000 after purchasing an additional 284,309 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Asanko Gold during the second quarter worth $302,000.

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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Analyst Recommendations for Asanko Gold (NYSEAMERICAN:AKG)

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