Key Points
- Insider purchase: Bruce Kenneth Hounsell bought 10,000 Heritage Global shares at an average price of $1.14, investing $11,400 and establishing a 10,000-share position.
- Weak quarterly results: Heritage Global reported a quarterly loss of $0.46 per share, missing the $0.04 consensus estimate, while revenue of $12.27 million fell short of the $13.29 million forecast.
- Stock and analyst outlook: HGBL opened at $1.17, near its 52-week low of $1.01. Analysts have a “Moderate Buy” consensus with a $3.00 price target, although Lake Street Capital recently cut its target from $4.50 to $3.00.
Heritage Global Inc. (NASDAQ:HGBL - Get Free Report) insider Bruce Kenneth Hounsell purchased 10,000 shares of the company's stock in a transaction that occurred on Monday, August 17th. The stock was bought at an average price of $1.14 per share, with a total value of $11,400.00. Following the transaction, the insider owned 10,000 shares of the company's stock, valued at $11,400. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.
Heritage Global Stock Performance
NASDAQ:HGBL opened at $1.17 on Tuesday. The firm has a market capitalization of $40.65 million, a PE ratio of -2.85 and a beta of 0.45. The stock's fifty day moving average is $1.20 and its 200 day moving average is $1.27. Heritage Global Inc. has a fifty-two week low of $1.01 and a fifty-two week high of $1.98. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.29 and a current ratio of 1.69.
Heritage Global (NASDAQ:HGBL - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.50). Heritage Global had a positive return on equity of 6.12% and a negative net margin of 29.63%.The firm had revenue of $12.27 million during the quarter, compared to the consensus estimate of $13.29 million.
Institutional Trading of Heritage Global
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Militia Capital Management LLC purchased a new stake in shares of Heritage Global during the first quarter worth about $767,000. Evernest Financial Advisors LLC purchased a new stake in Heritage Global during the 1st quarter worth approximately $274,000. Rothschild Wealth LLC purchased a new stake in Heritage Global during the 4th quarter worth approximately $447,000. Citadel Advisors LLC increased its stake in Heritage Global by 17.0% during the 3rd quarter. Citadel Advisors LLC now owns 73,465 shares of the company's stock valued at $122,000 after purchasing an additional 10,672 shares in the last quarter. Finally, Susquehanna International Group LLP acquired a new position in Heritage Global during the 3rd quarter valued at approximately $71,000. Hedge funds and other institutional investors own 33.46% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on HGBL. Lake Street Capital lowered their price objective on shares of Heritage Global from $4.50 to $3.00 and set a "buy" rating for the company in a research note on Friday. Weiss Ratings upgraded shares of Heritage Global from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $3.00.
Read Our Latest Research Report on HGBL
Heritage Global Company Profile
(
Get Free Report)
Heritage Global Inc operates as a global advisory and disposition firm specializing in the valuation, sale and auction of surplus and idle assets. Through its subsidiaries, Heritage Global Partners and Heritage Global Digital, the company delivers comprehensive end-to-end solutions, including asset appraisals, advisory services and multi-channel auction platforms. Its service offerings encompass industrial machinery and equipment, real estate, storage lockers and specialty assets, all designed to maximize recovery values for clients.
The company leverages both online and live in-person events to facilitate timely and transparent sales across diverse asset classes.
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