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

Key Points

• Heritage Global Inc. (NADSAQ:HGBL) experienced a 39.7% decrease in short interest, dropping from 77,500 shares to 46,700 shares as of August 15th.
• The company reported earnings of $0.05 per share for the most recent quarter, matching analysts' expectations and achieving a revenue of $14.30 million.
• Analysts have upgraded the stock to a "strong-buy" rating with a consensus price target of $4.00, reflecting positive market sentiment.

Heritage Global Inc. (NASDAQ:HGBL - Get Free Report) was the recipient of a large drop in short interest in August. As of August 15th, there was short interest totaling 46,700 shares, adropof39.7% from the July 31st total of 77,500 shares. Based on an average trading volume of 46,200 shares, the days-to-cover ratio is currently 1.0 days. Currently,0.2% of the shares of the stock are short sold. Currently,0.2% of the shares of the stock are short sold. Based on an average trading volume of 46,200 shares, the days-to-cover ratio is currently 1.0 days.

Institutional Investors Weigh In On Heritage Global

Several hedge funds have recently modified their holdings of HGBL. Evergreen Capital Management LLC acquired a new stake in shares of Heritage Global in the second quarter worth approximately $26,000. Wealth Enhancement Advisory Services LLC acquired a new position in Heritage Global during the first quarter valued at approximately $56,000. Parkside Advisors LLC acquired a new position in Heritage Global during the first quarter valued at approximately $74,000. Ridgewood Investments LLC lifted its position in Heritage Global by 6.9% during the first quarter. Ridgewood Investments LLC now owns 241,165 shares of the company's stock valued at $526,000 after buying an additional 15,588 shares in the last quarter. Finally, Ancora Advisors LLC lifted its position in Heritage Global by 1.2% during the first quarter. Ancora Advisors LLC now owns 514,269 shares of the company's stock valued at $1,121,000 after buying an additional 6,000 shares in the last quarter. 33.46% of the stock is owned by institutional investors and hedge funds.

Heritage Global Trading Down 1.0%

Shares of NASDAQ HGBL traded down $0.02 during midday trading on Friday, reaching $1.89. 18,487 shares of the stock were exchanged, compared to its average volume of 44,871. The stock has a 50 day moving average price of $2.08 and a 200-day moving average price of $2.10. The company has a current ratio of 2.05, a quick ratio of 1.69 and a debt-to-equity ratio of 0.06. Heritage Global has a 52-week low of $1.52 and a 52-week high of $2.39. The company has a market capitalization of $65.66 million, a P/E ratio of 18.90 and a beta of 0.82.

Heritage Global (NASDAQ:HGBL - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. Heritage Global had a net margin of 7.33% and a return on equity of 5.47%. The business had revenue of $14.30 million for the quarter, compared to analysts' expectations of $12.38 million.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Zacks Research upgraded shares of Heritage Global to a "hold" rating in a report on Thursday. Singular Research upgraded shares of Heritage Global to a "strong-buy" rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $4.00.

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.

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