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

Key Points

• Heritage Global Inc. experienced a significant increase in short interest of 64.5% in July, with a total of 77,500 shares short sold by July 31st.
• The company reported earnings of $0.05 EPS for the quarter, meeting consensus estimates, with a revenue of $14.30 million, surpassing analysts' expectations.
• Institutional investors own 33.46% of Heritage Global's stock, with notable increases from hedge funds such as Ancora Advisors and Renaissance Technologies.

Heritage Global Inc. (NASDAQ:HGBL - Get Free Report) was the recipient of a significant increase in short interest in the month of July. As of July 31st, there was short interest totaling 77,500 shares, anincreaseof64.5% from the July 15th total of 47,100 shares. Based on an average daily trading volume, of 50,700 shares, the short-interest ratio is currently 1.5 days. Approximately0.3% of the shares of the stock are short sold. Approximately0.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 50,700 shares, the short-interest ratio is currently 1.5 days.

Heritage Global Price Performance

Shares of HGBL traded up $0.02 during midday trading on Friday, hitting $1.95. 37,624 shares of the company traded hands, compared to its average volume of 42,057. The stock has a 50-day moving average of $2.13 and a 200-day moving average of $2.12. Heritage Global has a one year low of $1.52 and a one year high of $2.39. The firm has a market cap of $67.74 million, a P/E ratio of 19.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.05 and a quick ratio of 1.69.

Heritage Global (NASDAQ:HGBL - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. Heritage Global had a return on equity of 5.47% and a net margin of 7.33%.The company had revenue of $14.30 million during the quarter, compared to analyst estimates of $12.38 million.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Heritage Global during the first quarter worth about $56,000. Renaissance Technologies LLC grew its holdings in shares of Heritage Global by 2.8% during the fourth quarter. Renaissance Technologies LLC now owns 339,817 shares of the company's stock worth $629,000 after purchasing an additional 9,222 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Heritage Global by 7.8% during the fourth quarter. Geode Capital Management LLC now owns 361,632 shares of the company's stock worth $669,000 after purchasing an additional 26,230 shares in the last quarter. Ridgewood Investments LLC grew its holdings in shares of Heritage Global by 6.9% during the first quarter. Ridgewood Investments LLC now owns 241,165 shares of the company's stock worth $526,000 after purchasing an additional 15,588 shares in the last quarter. Finally, Topline Capital Management LLC purchased a new position in shares of Heritage Global during the fourth quarter worth about $3,565,000. Hedge funds and other institutional investors own 33.46% of the company's stock.

About Heritage Global

Heritage Global Inc, together with its subsidiaries, operates as an asset services company with focus on financial and industrial asset transactions. The company operates in three segments: Auction and Liquidation, Refurbishment & Resale, and Brokerage. It provides a suite of market making, acquisitions, refurbishment, dispositions, valuations, and secured lending services.