Heritage Global Inc. (NASDAQ:HGBL) Sees Significant Decrease in Short Interest

Heritage Global Inc. (NASDAQ:HGBL) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totaling 106,114 shares, a decline of 45.3% from the March 15th total of 193,982 shares. Based on an average daily trading volume, of 112,075 shares, the days-to-cover ratio is currently 0.9 days. Currently, 0.4% of the company’s stock are sold short.

Hedge Funds Weigh In On Heritage Global

Several institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd acquired a new position in shares of Heritage Global in the 4th quarter valued at about $31,000. Rothschild Wealth LLC acquired a new position in shares of Heritage Global in the 4th quarter valued at about $447,000. Mink Brook Asset Management LLC lifted its holdings in shares of Heritage Global by 7.8% in the 4th quarter. Mink Brook Asset Management LLC now owns 2,028,844 shares of the company’s stock valued at $2,516,000 after buying an additional 146,622 shares during the period. Jane Street Group LLC lifted its holdings in shares of Heritage Global by 196.2% in the 4th quarter. Jane Street Group LLC now owns 29,651 shares of the company’s stock valued at $37,000 after buying an additional 19,642 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Heritage Global by 29.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 49,951 shares of the company’s stock valued at $62,000 after buying an additional 11,512 shares during the period. Institutional investors and hedge funds own 33.46% of the company’s stock.

Heritage Global Stock Performance

Heritage Global stock traded up $0.01 during trading hours on Tuesday, hitting $1.43. 17,722 shares of the stock traded hands, compared to its average volume of 277,622. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.16 and a quick ratio of 1.78. The firm’s 50 day moving average price is $1.32 and its 200-day moving average price is $1.36. The stock has a market capitalization of $49.68 million, a price-to-earnings ratio of 13.00 and a beta of 0.52. Heritage Global has a 1 year low of $1.13 and a 1 year high of $2.32.

Heritage Global (NASDAQ:HGBL) last posted its quarterly earnings results on Thursday, March 12th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.04). The firm had revenue of $11.86 million for the quarter, compared to analysts’ expectations of $12.89 million. Heritage Global had a net margin of 7.04% and a return on equity of 5.42%.

Analyst Ratings Changes

Several research analysts recently weighed in on HGBL shares. Weiss Ratings restated a “sell (d+)” rating on shares of Heritage Global in a research note on Friday, March 27th. Lake Street Capital started coverage on Heritage Global in a research note on Friday, March 13th. They set a “buy” rating and a $4.50 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Heritage Global presently has a consensus rating of “Moderate Buy” and an average target price of $4.50.

Heritage Global Company Profile

Heritage Global Inc operates as a global advisory and disposition firm specializing in the valuation, sale and auction of surplus and idle assets. Through its subsidiaries, Heritage Global Partners and Heritage Global Digital, the company delivers comprehensive end-to-end solutions, including asset appraisals, advisory services and multi-channel auction platforms. Its service offerings encompass industrial machinery and equipment, real estate, storage lockers and specialty assets, all designed to maximize recovery values for clients.

The company leverages both online and live in-person events to facilitate timely and transparent sales across diverse asset classes.