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

Heritage Global Inc. (NASDAQ:HGBL) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totaling 59,456 shares, a decline of 33.8% from the September 30th total of 89,801 shares. Based on an average trading volume of 61,024 shares, the short-interest ratio is presently 1.0 days. Currently, 0.2% of the company’s shares are short sold.

Heritage Global Price Performance

Shares of NASDAQ HGBL traded up $0.01 during midday trading on Tuesday, hitting $1.25. The company had a trading volume of 19,460 shares, compared to its average volume of 177,607. The firm has a market capitalization of $43.47 million, a price-to-earnings ratio of -3.06 and a beta of 0.45. Heritage Global has a twelve month low of $1.01 and a twelve month high of $1.55. The business has a 50-day simple moving average of $1.30 and a two-hundred day simple moving average of $1.28. The company has a quick ratio of 1.29, a current ratio of 1.69 and a debt-to-equity ratio of 0.08.

Heritage Global (NASDAQ:HGBL) last posted its earnings results on Thursday, August 13th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.50). Heritage Global had a negative net margin of 29.63% and a positive return on equity of 6.12%. The business had revenue of $12.27 million for the quarter, compared to analysts’ expectations of $13.29 million.

Wall Street Analysts Forecast Growth

HGBL has been the subject of several research reports. Weiss Ratings upgraded shares of Heritage Global from a “sell (d-)” rating to a “sell (d)” rating in a research report 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 on the stock in a research report on Friday, August 14th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.00.

Insider Buying and Selling at Heritage Global

In other news, CEO Ross Dove sold 300,000 shares of the business’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 transaction, the chief executive officer owned 2,021,917 shares of the company’s stock, valued at approximately $2,689,149.61. The trade was a 12.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William Burnham bought 300,000 shares of the business’s stock in a transaction that occurred on Friday, September 25th. The shares were purchased at an average price of $1.33 per share, for a total transaction of $399,000.00. Following the completion of the purchase, the director directly owned 300,000 shares of the company’s stock, valued at approximately $399,000. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 15.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Heritage Global

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Punch & Associates Investment Management Inc. purchased a new position in Heritage Global in the 2nd quarter valued at about $2,446,000. BlackRock Inc. purchased a new stake in shares of Heritage Global during the second quarter worth about $204,000. Militia Capital Management LLC purchased a new stake in shares of Heritage Global during the first quarter worth about $767,000. Finally, Evernest Financial Advisors LLC acquired a new position in shares of Heritage Global in the first quarter worth about $274,000. Institutional investors and hedge funds own 33.46% of the company’s stock.

About Heritage Global

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.