What Next for Asanko Gold Inc After Today’s Gap Up?

 What Next for Asanko Gold Inc After Today's Gap Up?

The stock of Asanko Gold Inc (TSE:AKG) gapped up by $0.06 today and has $6.42 target or 23.00% above today’s $5.22 share price. The 8 months technical chart setup indicates low risk for the $1.06B company. The gap was reported on Oct, 19 by Barchart.com. If the $6.42 price target is reached, the company will be worth $243.80M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 673,019 shares traded hands. Asanko Gold Inc (TSE:AKG) has risen 66.00% since March 14, 2016 and is uptrending. It has outperformed by 60.46% the S&P500.

Asanko Gold Inc (TSE:AKG) Ratings Coverage

Out of 3 analysts covering Asanko Gold (TSE:AKG), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. Asanko Gold has been the topic of 10 analyst reports since August 24, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating by Scotia Capital given on Friday, October 14. The stock of Asanko Gold Inc (TSE:AKG) earned “Outperform” rating by BMO Capital Markets on Friday, September 16. The stock has “Outperform” rating given by RBC Capital Markets on Tuesday, December 22.

More recent Asanko Gold Inc (TSE:AKG) news were published by: Business.Financialpost.com which released: “Hedge fund claims 90% downside potential at Asanko Gold” on June 29, 2016. Also Seekingalpha.com published the news titled: “Asanko Gold Will Continue Outperforming Peers – Here’s Why” on September 27, 2016. Seekingalpha.com‘s news article titled: “The Long Case For Asanko Gold Inc.” with publication date: October 09, 2015 was also an interesting one.

Asanko Gold Inc. is an exploration and development-stage company. The company has a market cap of $1.06 billion. The Firm is focused on advancing its principal project, the Asanko Gold Mine, to commercial production. It currently has negative earnings. The Company’s segment is the exploration and development of resource properties.

AKG.TO Company Profile

Asanko Gold Inc. (Asanko), incorporated on October 23, 1999, is an exploration and development-stage company. The Firm is focused on advancing its principal project, the Asanko Gold Mine, to commercial production. The Company’s segment is the exploration and development of resource properties. In addition to its principal project, the Company holds a portfolio of other Ghanaian gold concessions in various stages of exploration. The Company’s subsidiaries include Keegan Resources (Ghana) Limited Ghana (Asanko Ghana), Adansi Gold Company (GH) Limited (Adansi Ghana), Asanko Gold South Africa (PTY) Ltd., Asanko International (Barbados) Inc., Asanko Gold (Barbados) Inc. and PMI Gold Corporation (PMI). PMI is a resource exploration and development firm which, through its subsidiaries, holds exploration and mining leases in the Ashanti and Asankrangwa Gold Belts of Ghana, Africa. PMI’s principal project is a gold development project, the Obotan Gold Project, which has been combined with the Company’s principal project, the Esaase Gold Project, to form the Asanko Gold Mine.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Tags: , ,

Related posts

Leave a Comment