Asanko Gold (NYSEAMERICAN:AKG) PT Raised to $2.20 at HC Wainwright

Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) had its price objective lifted by HC Wainwright from $1.60 to $2.20 in a research report issued on Monday, AnalystRatings.com reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. HC Wainwright’s price target would suggest a potential upside of 150.00% from the stock’s previous close.

The analysts wrote, “We maintain our Buy recommendation and increase our price target from $1.60 per share to $2.20 per share. Our increased PT is almost exclusively the result of the aforementioned price deck revision, with no other notable changes to our model.””

Separately, Zacks Investment Research upgraded shares of Asanko Gold from a “hold” rating to a “buy” rating and set a $1.00 target price for the company in a research note on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Asanko Gold presently has a consensus rating of “Hold” and a consensus price target of $1.60.

AKG opened at $0.88 on Monday. Asanko Gold has a 1 year low of $0.50 and a 1 year high of $1.10.

Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) last posted its earnings results on Thursday, August 1st. The basic materials company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.05. The firm had revenue of $85.72 million during the quarter.

Several institutional investors and hedge funds have recently bought and sold shares of AKG. Millennium Management LLC lifted its stake in shares of Asanko Gold by 48.0% in the 4th quarter. Millennium Management LLC now owns 409,888 shares of the basic materials company’s stock valued at $262,000 after purchasing an additional 133,005 shares during the period. Ruffer LLP lifted its stake in shares of Asanko Gold by 1.3% in the 1st quarter. Ruffer LLP now owns 19,722,289 shares of the basic materials company’s stock valued at $12,560,000 after purchasing an additional 246,200 shares during the period. Loews Corp lifted its stake in shares of Asanko Gold by 30.3% in the 1st quarter. Loews Corp now owns 3,228,506 shares of the basic materials company’s stock valued at $2,032,000 after purchasing an additional 750,127 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Asanko Gold by 63.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 493,800 shares of the basic materials company’s stock valued at $316,000 after purchasing an additional 191,100 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Asanko Gold by 15.9% in the 2nd quarter. Renaissance Technologies LLC now owns 5,849,336 shares of the basic materials company’s stock valued at $3,658,000 after purchasing an additional 803,716 shares during the period.

About Asanko Gold

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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