Heritage Global (NASDAQ:HGBL) Stock Price Up 1.6% – Here’s Why

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

Analyst Ratings Changes

A number of research firms have weighed in on HGBL. Weiss Ratings lowered shares of Heritage Global from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, June 24th. Lake Street Capital assumed coverage on shares of Heritage Global in a research report on Friday, March 13th. They set a “buy” rating and a $4.50 price objective on the stock. One investment 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, Heritage Global presently has an average rating of “Moderate Buy” and a consensus target price of $4.50.

Heritage Global Price Performance

The firm has a 50 day moving average of $1.25 and a 200-day moving average of $1.30. The company has a market cap of $43.08 million, a P/E ratio of 12.40 and a beta of 0.43. 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 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 business had revenue of $12.73 million during the quarter, compared to the consensus estimate of $13.49 million.

Insiders Place Their Bets

In related news, insider Nicholas Kirk Dove purchased 26,000 shares of Heritage Global 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 owned 126,000 shares in the company, valued at approximately $153,720. The trade was a 26.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 14.00% of the company’s stock.

Institutional Trading of Heritage Global

Several hedge funds have recently made changes to their positions in the business. Evergreen Capital Management LLC purchased a new stake in shares of Heritage Global in the second quarter worth approximately $26,000. Virtu Financial LLC purchased a new position in Heritage Global during the 3rd quarter valued at $28,000. XTX Topco Ltd purchased a new position in Heritage Global during the 4th quarter valued at $31,000. Jane Street Group LLC grew its position in Heritage Global by 196.2% in the 4th quarter. Jane Street Group LLC now owns 29,651 shares of the company’s stock valued at $37,000 after acquiring an additional 19,642 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Heritage Global by 29.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 49,951 shares of the company’s stock valued at $62,000 after acquiring an additional 11,512 shares during the last quarter. 33.46% of the stock is currently owned by hedge funds and other institutional investors.

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.