Heritage Global Inc. (NASDAQ:HGBL) Sees Large Drop in Short Interest

Heritage Global Inc. (NASDAQ:HGBL) was the recipient of a significant decline in short interest in the month of February. As of February 28th, there was short interest totalling 28,700 shares, a decline of 60.7% from the February 13th total of 73,000 shares. Based on an average daily volume of 65,900 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.1% of the company’s shares are short sold.

Heritage Global Stock Performance

HGBL stock traded up $0.27 during midday trading on Friday, hitting $2.36. 408,747 shares of the company’s stock were exchanged, compared to its average volume of 75,906. Heritage Global has a one year low of $1.52 and a one year high of $3.02. The stock’s fifty day moving average price is $2.11 and its 200-day moving average price is $1.83. The company has a market cap of $88.12 million, a PE ratio of 8.43 and a beta of 1.22.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HGBL. Jane Street Group LLC bought a new stake in Heritage Global in the 3rd quarter valued at $25,000. NewEdge Advisors LLC acquired a new stake in shares of Heritage Global in the 4th quarter valued at about $28,000. Two Sigma Securities LLC bought a new stake in shares of Heritage Global in the fourth quarter valued at about $28,000. Janus Henderson Group PLC boosted its position in shares of Heritage Global by 53.2% during the third quarter. Janus Henderson Group PLC now owns 28,982 shares of the company’s stock worth $49,000 after buying an additional 10,068 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Heritage Global by 2.4% during the third quarter. Geode Capital Management LLC now owns 335,402 shares of the company’s stock worth $570,000 after buying an additional 7,842 shares in the last quarter. Institutional investors and hedge funds own 33.46% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital cut their target price on shares of Heritage Global from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday.

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.