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

Heritage Global Inc. (NASDAQ:HGBL - Get Free Report) saw a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 10,300 shares, a drop of 54.0% from the March 31st total of 22,400 shares. Approximately 0.0% of the shares of the company are sold short. Based on an average daily volume of 54,500 shares, the days-to-cover ratio is currently 0.2 days.

Heritage Global Stock Performance

HGBL stock remained flat at $2.00 during midday trading on Friday. The company had a trading volume of 56,522 shares, compared to its average volume of 70,963. The stock has a market capitalization of $70.90 million, a PE ratio of 7.14 and a beta of 1.23. Heritage Global has a 52-week low of $1.52 and a 52-week high of $2.74. The stock's fifty day moving average is $2.10 and its 200-day moving average is $1.95.

Heritage Global (NASDAQ:HGBL - Get Free Report) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.06). The business had revenue of $10.77 million for the quarter, compared to analysts' expectations of $12.30 million. Heritage Global had a return on equity of 16.05% and a net margin of 20.60%.

Hedge Funds Weigh In On Heritage Global

Institutional investors and hedge funds have recently modified their holdings of the company. Topline Capital Management LLC purchased a new position in Heritage Global during the fourth quarter worth about $3,565,000. Mink Brook Asset Management LLC acquired a new stake in shares of Heritage Global in the 4th quarter valued at about $3,454,000. Truffle Hound Capital LLC acquired a new stake in shares of Heritage Global during the fourth quarter worth $1,202,000. Geode Capital Management LLC lifted its stake in Heritage Global by 7.8% in the fourth quarter. Geode Capital Management LLC now owns 361,632 shares of the company's stock valued at $669,000 after buying an additional 26,230 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake 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 valued at $629,000 after purchasing an additional 9,222 shares in the last quarter. Hedge funds and other institutional investors own 33.46% of the company's stock.

Analysts Set New Price Targets

Separately, Lake Street Capital lowered their price objective on Heritage Global from $5.00 to $4.00 and set a "buy" rating on the stock in a report on Friday, March 14th.

Heritage Global Company Profile

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.