Heritage Global (NASDAQ:HGBL) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Heritage Global (NASDAQ:HGBL) to a "hold" rating, indicating a more cautious outlook on the stock's performance.
• Heritage Global's shares opened at $1.89, with a market capitalization of $65.66 million and a P/E ratio of 18.90, showing a stable financial position.
• Institutional investors have shown interest, with several purchasing new positions in the company, contributing to a collective ownership of 33.46% of the stock.

Heritage Global (NASDAQ:HGBL - Get Free Report) was upgraded by Zacks Research to a "hold" rating in a research note issued to investors on Thursday,Zacks.com reports.

Separately, Singular Research upgraded shares of Heritage Global to a "strong-buy" rating in a report on Tuesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Heritage Global currently has a consensus rating of "Buy" and a consensus target price of $4.00.

Heritage Global Price Performance

HGBL traded down $0.01 on Thursday, reaching $1.88. 15,874 shares of the company's stock were exchanged, compared to its average volume of 43,404. The stock has a market cap of $65.31 million, a PE ratio of 18.80 and a beta of 0.82. Heritage Global has a twelve month low of $1.52 and a twelve month high of $2.39. The stock's fifty day moving average price is $2.07 and its 200-day moving average price is $2.10. 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 posted its earnings results on Thursday, August 7th. The company reported $0.05 earnings per share for the quarter, meeting the consensus estimate of $0.05. The company had revenue of $14.30 million for the quarter, compared to analyst estimates of $12.38 million. Heritage Global had a net margin of 7.33% and a return on equity of 5.47%.

Institutional Investors Weigh In On Heritage Global

Several large investors have recently added to or reduced their stakes in HGBL. Evergreen Capital Management LLC purchased a new stake in Heritage Global during the 2nd quarter worth approximately $26,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Heritage Global during the 1st quarter worth approximately $56,000. Parkside Advisors LLC purchased a new stake in Heritage Global during the 1st quarter worth approximately $74,000. Ridgewood Investments LLC increased its stake in Heritage Global by 6.9% during the 1st quarter. Ridgewood Investments LLC now owns 241,165 shares of the company's stock worth $526,000 after buying an additional 15,588 shares during the period. Finally, Ancora Advisors LLC increased its stake in Heritage Global by 1.2% during the 1st quarter. Ancora Advisors LLC now owns 514,269 shares of the company's stock worth $1,121,000 after buying an additional 6,000 shares during the period. 33.46% of the stock is owned by hedge funds and other institutional investors.

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.