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

Heritage Global Inc. (NASDAQ:HGBL) was the target of a large decline in short interest in 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. Approximately 0.1% of the shares of the stock are short sold. Based on an average trading volume of 65,900 shares, the days-to-cover ratio is presently 0.4 days.

Analyst Ratings Changes

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

Heritage Global Trading Up 12.9 %

Shares of Heritage Global stock traded up $0.27 during trading on Friday, reaching $2.36. The company’s stock had a trading volume of 408,747 shares, compared to its average volume of 75,906. The stock has a 50-day moving average price of $2.11 and a two-hundred day moving average price of $1.83. The stock has a market capitalization of $88.12 million, a P/E ratio of 8.43 and a beta of 1.22. Heritage Global has a one year low of $1.52 and a one year high of $3.02.

Heritage Global (NASDAQ:HGBL) last announced its earnings results 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). Heritage Global had a return on equity of 16.05% and a net margin of 20.60%. The company had revenue of $10.77 million during the quarter, compared to the consensus estimate of $12.30 million.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC lifted its stake 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 valued at $49,000 after acquiring an additional 10,068 shares during the period. Jane Street Group LLC bought a new stake in Heritage Global during the 3rd quarter worth about $25,000. Geode Capital Management LLC lifted its position in Heritage Global by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 335,402 shares of the company’s stock valued at $570,000 after purchasing an additional 7,842 shares during the period. Truffle Hound Capital LLC bought a new position in shares of Heritage Global in the 4th quarter valued at about $1,202,000. Finally, Renaissance Technologies LLC grew its position in shares of Heritage Global by 2.8% during the 4th quarter. Renaissance Technologies LLC now owns 339,817 shares of the company’s stock worth $629,000 after buying an additional 9,222 shares during the period. 33.46% of the stock is currently owned by 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.