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

Heritage Global Inc. (NASDAQ:HGBL) was the target of a large decline in short interest in the month of July. As of July 15th, there was short interest totaling 17,834 shares, a decline of 70.4% from the June 30th total of 60,166 shares. Currently, 0.1% of the shares of the company are short sold. Based on an average daily trading volume, of 63,519 shares, the short-interest ratio is presently 0.3 days.

Heritage Global Price Performance

Shares of HGBL traded up $0.01 during trading hours on Tuesday, reaching $1.22. The stock had a trading volume of 102,626 shares, compared to its average volume of 176,594. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.51 and a current ratio of 1.95. The stock has a market capitalization of $42.20 million, a PE ratio of 12.15 and a beta of 0.43. Heritage Global has a 12 month low of $1.13 and a 12 month high of $2.20. The company’s 50-day moving average is $1.24 and its two-hundred day moving average is $1.30.

Heritage Global (NASDAQ:HGBL) last announced its earnings results on Thursday, May 7th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). Heritage Global had a return on equity of 4.86% and a net margin of 6.45%.The company had revenue of $12.73 million for the quarter, compared to analyst estimates of $13.49 million.

Insider Activity at Heritage Global

In related news, insider Nicholas Kirk Dove purchased 26,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were acquired at an average price of $1.22 per share, for a total transaction of $31,720.00. Following the purchase, the insider owned 126,000 shares in the company, valued at approximately $153,720. This represents a 26.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 15.60% of the company’s stock.

Institutional Trading of Heritage Global

Several institutional investors have recently added to or reduced their stakes in the stock. Militia Capital Management LLC acquired a new position in shares of Heritage Global in the 1st quarter worth approximately $767,000. Evergreen Capital Management LLC acquired a new stake in shares of Heritage Global during the second quarter worth $26,000. Virtu Financial LLC bought a new position in Heritage Global during the third quarter worth $28,000. XTX Topco Ltd acquired a new position in Heritage Global in the fourth quarter valued at $31,000. Finally, Jane Street Group LLC lifted its holdings in Heritage Global by 196.2% in the fourth 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. 33.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings cut Heritage Global from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $4.50.

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.