Brokers Change Their Target Price On Asanko Gold Inc. (AKG)

Ivan Schwartz
June 1, 2017

Last June, Toronto hedge fund K2 & Associates Investment Management Inc took a short position in Asanko, saying its gold resources were overinflated, notably at its Nkran deposit, which Asanko acquired in 2014 from Resolute Mining Ltd. Scotiabank's target price would suggest a potential upside of 128.17% from the company's current price.

Other equities analysts have also recently issued reports about the company. The company presently has a consensus rating of Buy and a consensus target price of C$4.77. For the quarter, shares have been noted at -29.70%.

Asanko Gold Inc is a gold producer. Analysts giving shares a rating of 1 or 2 would be indicating a Buy. ASA Gold & Precious Metals Ltd raised its stake in Asanko Gold by 28.1% in the first quarter. AGF Investments Inc. now owns 4,833,302 shares of the basic materials company's stock valued at $12,670,000 after buying an additional 303,083 shares during the last quarter.

The stock of Asanko Gold Inc (NYSEMKT:AKG) hit a new 52-week low and has $1.82 target or 5.00% below today's $1.92 share price. The company had a trading volume of 207,514 shares. The firm's 50 day moving average is $3.36 and its 200-day moving average is $4.10. The stock's market cap is $380.45 million. BMO Capital Markets decreased their price target on shares of Asanko Gold from C$5.00 to C$4.50 in a report on Friday, March 17th.

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Asanko Gold (NYSEMKT:AKG) last issued its earnings results on Thursday, May 4th. Clarus Securities analyst N. Sangmuah now expects that the company will post earnings per share of $0.52 for the year, up from their prior estimate of $0.51. Using "company-favorable assumptions", it estimated that Asanko will have a cash shortfall ranging from US$43 million to US$129 million in 2018, the report said, without specifying the currency.

AKG has been the subject of several recent research reports. Zacks Investment Research raised Asanko Gold from a "hold" rating to a "buy" rating and set a $3.50 price objective on the stock in a research report on Thursday, February 16th. Canaccord Genuity lowered Asanko Gold from a "buy" rating to a "hold" rating in a report on Tuesday, February 7th.

06/09/2016 - Asanko Gold Inc. had its "sector perform" rating reiterated by analysts at RBC Capital.

Based on the latest notes released to investors, 1 analyst has issued a rating of "buy", 3 analysts "outperform", 2 analysts "hold", 0 analysts "underperform" and 0 analysts "sell". If the $1.82 price target is reached, the company will be worth $14.94M less.

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