Asanko Gold (AKG) Sees Significant Drop in Short Interest

Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) was the recipient of a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 2,612,187 shares, a decrease of 21.2% from the February 28th total of 3,313,102 shares. Approximately 1.6% of the company’s stock are sold short. Based on an average daily trading volume, of 1,037,519 shares, the short-interest ratio is currently 2.5 days.

Several hedge funds have recently made changes to their positions in AKG. Renaissance Technologies LLC raised its holdings in shares of Asanko Gold by 3,221.3% in the fourth quarter. Renaissance Technologies LLC now owns 2,975,880 shares of the basic materials company’s stock valued at $2,101,000 after purchasing an additional 2,886,280 shares during the last quarter. AGF Investments Inc. raised its holdings in shares of Asanko Gold by 13.3% in the third quarter. AGF Investments Inc. now owns 5,864,934 shares of the basic materials company’s stock valued at $5,546,000 after purchasing an additional 686,467 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Asanko Gold by 3.1% in the fourth quarter. Franklin Resources Inc. now owns 9,939,675 shares of the basic materials company’s stock valued at $7,037,000 after purchasing an additional 298,000 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Asanko Gold by 85.7% in the fourth quarter. Millennium Management LLC now owns 144,700 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 66,796 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Asanko Gold by 37.9% in the second quarter. Royal Bank of Canada now owns 90,148 shares of the basic materials company’s stock valued at $138,000 after purchasing an additional 24,758 shares during the last quarter.

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AKG stock opened at $0.80 on Tuesday. Asanko Gold has a 1-year low of $0.43 and a 1-year high of $2.83. The firm has a market cap of $174.19, a price-to-earnings ratio of 40.00 and a beta of 0.51.

Asanko Gold (NYSEAMERICAN:AKG) (TSE:AKG) last released its quarterly earnings data on Thursday, March 15th. The basic materials company reported ($0.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.05. The firm had revenue of $59.63 million for the quarter. Asanko Gold had a net margin of 9.25% and a return on equity of 4.34%.

Separately, Zacks Investment Research downgraded shares of Asanko Gold from a “hold” rating to a “sell” rating in a report on Monday, January 8th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $1.17.

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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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