Asanko Gold Inc (NYSEMKT:AKG) (TSE:AKG) was the recipient of a large growth in short interest in October. As of October 31st, there was short interest totalling 4,671,801 shares, a growth of 5.7% from the October 13th total of 4,421,689 shares. Based on an average daily volume of 421,022 shares, the short-interest ratio is presently 11.1 days. Approximately 2.4% of the company’s shares are short sold.

Shares of Asanko Gold (AKG) traded down $0.02 during midday trading on Monday, reaching $0.96. 634,167 shares of the company were exchanged, compared to its average volume of 567,499. Asanko Gold has a one year low of $0.77 and a one year high of $3.90.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. lifted its position in Asanko Gold by 9.6% during the 2nd quarter. Franklin Resources Inc. now owns 4,220,000 shares of the basic materials company’s stock valued at $6,479,000 after acquiring an additional 370,000 shares during the period. JPMorgan Chase & Co. purchased a new position in Asanko Gold in the second quarter worth about $735,000. Renaissance Technologies LLC raised its holdings in Asanko Gold by 139.0% in the first quarter. Renaissance Technologies LLC now owns 531,393 shares of the basic materials company’s stock worth $1,389,000 after buying an additional 309,093 shares during the last quarter. AGF Investments Inc. raised its holdings in Asanko Gold by 7.1% in the second quarter. AGF Investments Inc. now owns 5,178,467 shares of the basic materials company’s stock worth $7,951,000 after buying an additional 345,165 shares during the last quarter. Finally, Donald Smith & CO. Inc. raised its holdings in Asanko Gold by 480.2% in the second quarter. Donald Smith & CO. Inc. now owns 16,797,571 shares of the basic materials company’s stock worth $25,700,000 after buying an additional 13,902,657 shares during the last quarter.

A number of brokerages have recently weighed in on AKG. Clarus Securities raised shares of Asanko Gold from a “hold” rating to a “buy” rating in a research note on Monday, November 6th. BidaskClub raised shares of Asanko Gold from a “strong sell” rating to a “sell” rating in a research note on Saturday, November 4th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $1.75 target price on shares of Asanko Gold in a research note on Monday, October 23rd. Zacks Investment Research cut shares of Asanko Gold from a “buy” rating to a “hold” rating in a research report on Friday, October 20th. Finally, ValuEngine cut shares of Asanko Gold from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. Three analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $3.81.

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Asanko Gold Company Profile

Asanko Gold Inc is a gold producer. The Company has operations in the Republic of Ghana. The Company’s segments include Canada and Ghana. The Company’s principal asset is the Asanko Gold Mine (AGM) located in Ghana, West Africa. The Company’s Project 5M will upgrade the plant’s throughput to five metric tons per annum and expand mining operations to integrate the Esaase deposit, including the construction of a 27-kilometer overland conveyor.

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