Heritage Global Inc. (NASDAQ:HGBL – Get Free Report) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totaling 59,456 shares, a drop of 33.8% from the September 30th total of 89,801 shares. Approximately 0.2% of the company’s shares are sold short. Based on an average daily volume of 61,024 shares, the days-to-cover ratio is currently 1.0 days.
Insider Transactions at Heritage Global
In related news, Director William Burnham acquired 300,000 shares of Heritage Global stock in a transaction that occurred on Friday, September 25th. The shares were purchased at an average cost of $1.33 per share, for a total transaction of $399,000.00. Following the acquisition, the director owned 300,000 shares in the company, valued at approximately $399,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ross Dove sold 300,000 shares of the company’s stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $1.33, for a total transaction of $399,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,021,917 shares in the company, valued at $2,689,149.61. The trade was a 12.92% decrease in their position. The SEC filing for this sale provides additional information. 15.60% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Heritage Global
Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Heritage Global in the 2nd quarter valued at $204,000. Evernest Financial Advisors LLC acquired a new position in Heritage Global in the first quarter valued at approximately $274,000. Militia Capital Management LLC purchased a new position in Heritage Global in the first quarter valued at approximately $767,000. Finally, Punch & Associates Investment Management Inc. purchased a new position in Heritage Global in the second quarter valued at approximately $2,446,000. 33.46% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on HGBL shares. Weiss Ratings raised shares of Heritage Global from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, September 8th. Lake Street Capital lowered their price objective on shares of Heritage Global from $4.50 to $3.00 and set a “buy” rating for the company in a research report on Friday, August 14th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $3.00.
Get Our Latest Stock Report on HGBL
Heritage Global Trading Up 0.4%
Shares of HGBL stock opened at $1.25 on Wednesday. Heritage Global has a fifty-two week low of $1.01 and a fifty-two week high of $1.55. The company has a 50 day moving average price of $1.30 and a 200 day moving average price of $1.28. The stock has a market capitalization of $43.30 million, a P/E ratio of -3.05 and a beta of 0.48. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.29 and a current ratio of 1.69.
Heritage Global (NASDAQ:HGBL – Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.50). The business had revenue of $12.27 million during the quarter, compared to analyst estimates of $13.29 million. Heritage Global had a positive return on equity of 6.12% and a negative net margin of 29.63%.
Heritage Global Company Profile
Heritage Global, Inc (NASDAQ:HGBL) is an asset services company that specializes in the valuation, marketing and disposition of surplus, underutilized and distressed assets. The company serves businesses, lenders, insolvency professionals and other organizations seeking to sell or acquire industrial equipment, machinery, inventory and other tangible assets.
Through its operating businesses, including Heritage Global Partners, the company provides auction and liquidation services, negotiated sales, asset advisory services and valuation expertise.
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