Heritage Global (NASDAQ:HGBL) Upgraded to Strong-Buy at Lake Street Capital

Heritage Global (NASDAQ:HGBL) was upgraded by research analysts at Lake Street Capital to a “strong-buy” rating in a note issued to investors on Friday,Zacks.com reports.

Separately, Weiss Ratings upgraded shares of Heritage Global from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $3.00.

Heritage Global Stock Performance

Shares of HGBL opened at $1.09 on Friday. The company’s 50 day moving average price is $1.20 and its 200 day moving average price is $1.28. Heritage Global has a 52 week low of $1.01 and a 52 week high of $1.98. The company has a market capitalization of $37.86 million, a PE ratio of -2.66 and a beta of 0.45. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.51 and a current ratio of 1.95.

Heritage Global (NASDAQ:HGBL) last released its earnings results on Thursday, August 13th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. Heritage Global had a negative net margin of 29.63% and a positive return on equity of 5.77%. The company had revenue of $12.27 million during the quarter, compared to the consensus estimate of $13.29 million.

Insider Activity at Heritage Global

In other news, insider Nicholas Kirk Dove purchased 26,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was acquired at an average price of $1.22 per share, with a total value of $31,720.00. Following the purchase, the insider owned 126,000 shares in the company, valued at $153,720. This represents a 26.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 15.60% of the company’s stock.

Hedge Funds Weigh In On Heritage Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HGBL. Evergreen Capital Management LLC acquired a new stake in Heritage Global in the second quarter valued at approximately $26,000. Virtu Financial LLC acquired a new position in shares of Heritage Global during the 3rd quarter worth $28,000. XTX Topco Ltd acquired a new position in shares of Heritage Global during the 4th quarter worth $31,000. Jane Street Group LLC raised its holdings in shares of Heritage Global by 196.2% during the 4th quarter. Jane Street Group LLC now owns 29,651 shares of the company’s stock valued at $37,000 after purchasing an additional 19,642 shares in the last quarter. Finally, Susquehanna International Group LLP bought a new position in shares of Heritage Global during the 3rd quarter valued at $71,000. Institutional investors own 33.46% of the company’s stock.

About Heritage Global

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.