Heritage Global Inc. (NASDAQ:HGBL) Short Interest Down 16.4% in March

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

Hedge Funds Weigh In On Heritage Global

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Topline Capital Management LLC acquired a new stake in Heritage Global during the 4th quarter valued at approximately $3,565,000. Mink Brook Asset Management LLC acquired a new stake in Heritage Global during the 4th quarter worth about $3,454,000. Truffle Hound Capital LLC purchased a new position in shares of Heritage Global during the 4th quarter valued at about $1,202,000. Geode Capital Management LLC lifted its holdings in shares of Heritage Global by 7.8% in the 4th 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 period. Finally, Renaissance Technologies LLC boosted its stake in shares of Heritage Global by 2.8% in the fourth 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 last quarter. Institutional investors and hedge funds own 33.46% of the company’s stock.

Analysts Set New Price Targets

Separately, Lake Street Capital lowered their target price on shares of Heritage Global from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, March 14th.

Heritage Global Stock Up 2.3 %

Shares of HGBL traded up $0.05 during trading hours on Tuesday, reaching $2.23. 13,823 shares of the company traded hands, compared to its average volume of 73,310. The business has a fifty day moving average price of $2.16 and a 200-day moving average price of $1.88. Heritage Global has a 12-month low of $1.52 and a 12-month high of $2.74. The stock has a market capitalization of $79.19 million, a P/E ratio of 8.11 and a beta of 1.22.

Heritage Global (NASDAQ:HGBL) last posted its quarterly earnings results 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 firm had revenue of $10.77 million for the quarter, compared to analysts’ expectations of $12.30 million.

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.