Heritage Global (NASDAQ:HGBL) Shares Break Below 200-Day Moving Average – What’s Next?

Heritage Global Inc. (NASDAQ:HGBL) shares passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $1.28 and traded as low as $1.26. Heritage Global shares last traded at $1.26, with a volume of 41,539 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on HGBL. Weiss Ratings upgraded Heritage Global from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, September 8th. Lake Street Capital dropped their target price on Heritage Global from $4.50 to $3.00 and set a “buy” rating on the stock in a report on Friday, August 14th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Heritage Global presently has an average rating of “Hold” and an average target price of $3.00.

Heritage Global Stock Performance

The firm has a market capitalization of $43.65 million, a price-to-earnings ratio of -3.07 and a beta of 0.45. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.29 and a current ratio of 1.69. The stock’s fifty day moving average is $1.29 and its two-hundred day moving average is $1.28.

Heritage Global (NASDAQ:HGBL) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.50). The firm 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%.

Insider Transactions at Heritage Global

In other Heritage Global news, CEO Ross Dove sold 300,000 shares of the firm’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $1.33, for a total transaction of $399,000.00. Following the completion of the sale, the chief executive officer owned 2,021,917 shares in the company, valued at $2,689,149.61. This trade represents a 12.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William Burnham acquired 300,000 shares of the stock in a transaction on Friday, September 25th. The shares were acquired at an average price of $1.33 per share, with a total value of $399,000.00. Following the purchase, the director owned 300,000 shares in the company, valued at $399,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 15.60% of the company’s stock.

Institutional Trading of Heritage Global

A number of hedge funds have recently made changes to their positions in HGBL. Punch & Associates Investment Management Inc. bought a new stake in shares of Heritage Global in the 2nd quarter worth about $2,446,000. Militia Capital Management LLC acquired a new stake in shares of Heritage Global in the 1st quarter valued at about $767,000. Evernest Financial Advisors LLC acquired a new stake in shares of Heritage Global in the 1st quarter valued at about $274,000. Finally, BlackRock Inc. bought a new position in shares of Heritage Global during the second quarter worth about $204,000. 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.