Today, Scotiabank Reiterates Outperform Rating for Asanko Gold Inc. (AKG)

Today, Scotiabank Reiterates Outperform Rating for Asanko Gold Inc. (AKG)
Asanko Gold Inc. (NYSEMKT:AKG) (TSE:AKG)‘s stock had its “outperform” rating restated by Scotiabank in a report released on Wednesday. They currently have a $7.50 price objective on the stock. Scotiabank’s target price would indicate a potential upside of 123.88% from the stock’s previous close.

AKG has been the subject of several other research reports. BMO Capital Markets reiterated an “outperform” rating and issued a $6.50 target price on shares of Asanko Gold in a research note on Friday, September 16th. Zacks Investment Research lowered shares of Asanko Gold from a “hold” rating to a “sell” rating in a research note on Wednesday, November 2nd. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $4.72.

Asanko Gold (NYSEMKT:AKG) opened at 3.35 on Wednesday. Asanko Gold has a 52-week low of $1.27 and a 52-week high of $4.68. The company’s 50-day moving average is $3.63 and its 200-day moving average is $3.92. The company’s market capitalization is $676.13 million.

Asanko Gold (NYSEMKT:AKG) last announced its quarterly earnings results on Monday, November 7th. The company reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.07. On average, analysts expect that Asanko Gold will post $0.03 earnings per share for the current fiscal year.

Institutional investors have recently modified their holdings of the company. Credit Suisse AG increased its position in shares of Asanko Gold by 28.1% in the third quarter. Credit Suisse AG now owns 101,737 shares of the company’s stock worth $426,000 after buying an additional 22,327 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Asanko Gold by 33.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,610,250 shares of the company’s stock valued at $15,109,000 after buying an additional 914,425 shares during the period. OLD Mission Capital LLC increased its stake in Asanko Gold by 467.4% in the third quarter. OLD Mission Capital LLC now owns 133,100 shares of the company’s stock valued at $510,000 after buying an additional 109,641 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in Asanko Gold during the third quarter valued at approximately $502,000. Finally, Swiss National Bank increased its stake in Asanko Gold by 0.8% in the third quarter. Swiss National Bank now owns 320,300 shares of the company’s stock valued at $1,343,000 after buying an additional 2,400 shares during the period.

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