Heritage Global (NASDAQ:HGBL) Shares Up 1.6% – What’s Next?

Heritage Global Inc. (NASDAQ:HGBL) shares were up 1.6% during mid-day trading on Thursday . The company traded as high as $1.26 and last traded at $1.24. Approximately 70,169 shares changed hands during trading, a decline of 20% from the average daily volume of 87,849 shares. The stock had previously closed at $1.22.

Wall Street Analyst Weigh In

Several research firms recently commented on HGBL. Lake Street Capital assumed coverage on shares of Heritage Global in a research note on Friday, March 13th. They issued a “buy” rating and a $4.50 price target on the stock. Weiss Ratings cut shares of Heritage Global from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Heritage Global has an average rating of “Moderate Buy” and an average target price of $4.50.

Heritage Global Trading Up 1.6%

The firm has a market capitalization of $43.08 million, a P/E ratio of 12.40 and a beta of 0.43. The stock has a 50-day simple moving average of $1.25 and a two-hundred day simple moving average of $1.30. The company has a current ratio of 1.95, a quick ratio of 1.51 and a debt-to-equity ratio of 0.06.

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

Insider Transactions at Heritage Global

In other Heritage Global news, insider Nicholas Kirk Dove bought 26,000 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were bought at an average cost of $1.22 per share, for a total transaction of $31,720.00. Following the acquisition, the insider directly owned 126,000 shares in the company, valued at approximately $153,720. The trade was a 26.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 14.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Heritage Global

Several hedge funds have recently modified their holdings of the business. Evergreen Capital Management LLC bought a new position in shares of Heritage Global during the second quarter valued at approximately $26,000. Virtu Financial LLC bought a new position in Heritage Global in the third quarter worth approximately $28,000. XTX Topco Ltd bought a new position in Heritage Global in the fourth quarter worth approximately $31,000. Jane Street Group LLC lifted its holdings in Heritage Global by 196.2% during the fourth quarter. Jane Street Group LLC now owns 29,651 shares of the company’s stock worth $37,000 after buying an additional 19,642 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in Heritage Global by 29.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 49,951 shares of the company’s stock worth $62,000 after buying an additional 11,512 shares during the period. Hedge funds and other 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.