Heritage Global (NASDAQ:HGBL) Shares Break Below 200-Day Moving Average – What’s Next?

Heritage Global Inc. (NASDAQ:HGBL) shares crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $1.28 and traded as low as $1.26. Heritage Global shares last traded at $1.26, with a volume of 41,539 shares.

Wall Street Analyst Weigh In

Several research firms recently issued reports on HGBL. Lake Street Capital dropped their price target on Heritage Global from $4.50 to $3.00 and set a “buy” rating on the stock in a research report on Friday, August 14th. Weiss Ratings upgraded shares of Heritage Global from a “sell (d-)” rating to a “sell (d)” rating in a research note on Tuesday, September 8th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $3.00.

Heritage Global Trading Down 2.3%

The company has a quick ratio of 1.29, a current ratio of 1.69 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average is $1.29 and its two-hundred day moving average is $1.28. The stock has a market cap of $43.65 million, a price-to-earnings ratio of -3.07 and a beta of 0.45.

Heritage Global (NASDAQ:HGBL) last issued its earnings results on Thursday, August 13th. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.50). The company had revenue of $12.27 million during the quarter, compared to analyst estimates of $13.29 million. Heritage Global had a negative net margin of 29.63% and a positive return on equity of 6.12%.

Insider Buying and Selling

In related news, CEO Ross Dove sold 300,000 shares of the company’s stock in a transaction on Friday, September 25th. The stock was sold at an average price of $1.33, for a total transaction of $399,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,021,917 shares in the company, valued at $2,689,149.61. This represents a 12.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William Burnham acquired 300,000 shares of the stock in a transaction that occurred on Friday, September 25th. The shares were bought at an average price of $1.33 per share, with a total value of $399,000.00. Following the completion of the purchase, the director owned 300,000 shares in the company, valued at $399,000. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 15.60% of the company’s stock.

Hedge Funds Weigh In On Heritage Global

Several institutional investors have recently modified their holdings of HGBL. Punch & Associates Investment Management Inc. acquired a new stake in shares of Heritage Global in the 2nd quarter worth about $2,446,000. Militia Capital Management LLC bought a new stake in Heritage Global in the 1st quarter valued at about $767,000. Evernest Financial Advisors LLC bought a new stake in Heritage Global in the 1st quarter valued at about $274,000. Finally, BlackRock Inc. acquired a new position in Heritage Global during the 2nd quarter valued at about $204,000. Institutional investors own 33.46% of the company’s stock.

Heritage Global Company Profile

Heritage Global, Inc (NASDAQ:HGBL) is an asset services company that specializes in the valuation, marketing and disposition of surplus, underutilized and distressed assets. The company serves businesses, lenders, insolvency professionals and other organizations seeking to sell or acquire industrial equipment, machinery, inventory and other tangible assets.

Through its operating businesses, including Heritage Global Partners, the company provides auction and liquidation services, negotiated sales, asset advisory services and valuation expertise.