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

Heritage Global Inc. (NASDAQ:HGBL) saw a large drop in short interest during the month of March. As of March 13th, there was short interest totaling 193,982 shares, a drop of 17.7% from the February 26th total of 235,582 shares. Based on an average daily volume of 62,083 shares, the days-to-cover ratio is currently 3.1 days. Approximately 0.6% of the shares of the company are sold short.

Institutional Investors Weigh In On Heritage Global

A number of institutional investors and hedge funds have recently modified their holdings of the company. Rothschild Wealth LLC acquired a new position in shares of Heritage Global during the 4th quarter worth $447,000. Truffle Hound Capital LLC increased its holdings in Heritage Global by 19.5% during the 3rd quarter. Truffle Hound Capital LLC now owns 1,100,000 shares of the company’s stock valued at $1,826,000 after acquiring an additional 179,843 shares in the last quarter. Mink Brook Asset Management LLC increased its holdings in Heritage Global by 7.8% during 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 acquiring an additional 146,622 shares in the last quarter. Susquehanna International Group LLP purchased a new stake in shares of Heritage Global in the third quarter valued at about $71,000. Finally, XTX Topco Ltd purchased a new stake in shares of Heritage Global in the fourth quarter valued at about $31,000. Institutional investors and hedge funds own 33.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on HGBL shares. 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 price target for the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Heritage Global in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $4.50.

Heritage Global Stock Performance

HGBL traded down $0.01 during trading on Wednesday, reaching $1.35. The company’s stock had a trading volume of 56,573 shares, compared to its average volume of 307,532. Heritage Global has a 52-week low of $1.13 and a 52-week high of $2.32. The company’s fifty day moving average price is $1.32 and its 200-day moving average price is $1.39. The company has a market capitalization of $46.90 million, a price-to-earnings ratio of 12.27 and a beta of 0.51. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.78 and a current ratio of 2.16.

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

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.