Short Interest in Heritage Global Inc. (NASDAQ:HGBL) Declines By 16.4%

Heritage Global Inc. (NASDAQ:HGBL) was the target of a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 24,000 shares, a drop of 16.4% from the February 28th total of 28,700 shares. Approximately 0.1% of the company’s shares are sold short. Based on an average trading volume of 73,000 shares, the days-to-cover ratio is presently 0.3 days.

Heritage Global Trading Up 2.3 %

Shares of Heritage Global stock traded up $0.05 during trading on Tuesday, hitting $2.23. 13,823 shares of the stock traded hands, compared to its average volume of 73,310. The stock’s fifty day simple moving average is $2.16 and its 200 day simple moving average is $1.88. The firm has a market cap of $79.19 million, a P/E ratio of 8.11 and a beta of 1.22. Heritage Global has a 52-week low of $1.52 and a 52-week high of $2.74.

Heritage Global (NASDAQ:HGBL) last posted its earnings results on Thursday, March 13th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $12.30 million.

Analysts Set New Price Targets

Separately, Lake Street Capital dropped their price objective on Heritage Global from $5.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, March 14th.

Institutional Trading of Heritage Global

Hedge funds have recently bought and sold shares of the stock. Topline Capital Management LLC purchased a new stake in shares of Heritage Global during the 4th quarter worth $3,565,000. Mink Brook Asset Management LLC bought a new position in Heritage Global in the fourth quarter worth about $3,454,000. Truffle Hound Capital LLC bought a new position in Heritage Global in the fourth quarter worth about $1,202,000. Geode Capital Management LLC lifted its position in shares of Heritage Global by 7.8% during 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, Two Sigma Securities LLC bought a new stake in shares of Heritage Global in the 4th quarter valued at about $28,000. Hedge funds and other institutional investors own 33.46% of the company’s stock.

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.