Heritage Global (NASDAQ:HGBL) Shares Down 5% – Here’s What Happened

Heritage Global Inc. (NASDAQ:HGBL) traded down 5% during mid-day trading on Thursday . The stock traded as low as $2.08 and last traded at $2.10. 78,683 shares traded hands during mid-day trading, an increase of 30% from the average session volume of 60,657 shares. The stock had previously closed at $2.21.

Heritage Global Stock Down 3.3 %

The company’s 50-day moving average price is $2.01 and its 200-day moving average price is $1.82. The firm has a market cap of $75.80 million, a price-to-earnings ratio of 7.25 and a beta of 1.17.

Hedge Funds Weigh In On Heritage Global

Several hedge funds and other institutional investors have recently modified their holdings of HGBL. Jane Street Group LLC purchased a new position in shares of Heritage Global in the third quarter worth about $25,000. NewEdge Advisors LLC purchased a new position in shares of Heritage Global in the fourth quarter worth about $28,000. Two Sigma Securities LLC purchased a new position in shares of Heritage Global in the fourth quarter worth about $28,000. Janus Henderson Group PLC lifted its stake in shares of Heritage Global by 53.2% in 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 in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Heritage Global by 2.4% in 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. 33.46% of the stock is owned by hedge funds and other institutional investors.

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.