Heritage Global (NASDAQ:HGBL) Upgraded to “Strong-Buy” at Lake Street Capital

Heritage Global (NASDAQ:HGBL) was upgraded by Lake Street Capital to a “strong-buy” rating in a report released on Friday,Zacks.com reports.

Separately, Weiss Ratings raised shares of Heritage Global from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Heritage Global has an average rating of “Moderate Buy” and a consensus target price of $3.00.

Heritage Global Price Performance

Shares of Heritage Global stock opened at $1.09 on Friday. Heritage Global has a 52 week low of $1.01 and a 52 week high of $1.98. The company has a current ratio of 1.95, a quick ratio of 1.51 and a debt-to-equity ratio of 0.06. The stock has a market cap of $37.86 million, a PE ratio of -2.66 and a beta of 0.45. The company’s 50-day moving average price is $1.20 and its two-hundred day moving average price is $1.28.

Heritage Global (NASDAQ:HGBL) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.02. 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 5.77%.

Insider Activity at Heritage Global

In other news, insider Nicholas Kirk Dove acquired 26,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was purchased at an average price of $1.22 per share, with a total value of $31,720.00. Following the purchase, the insider owned 126,000 shares of the company’s stock, valued at approximately $153,720. This trade represents a 26.00% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 15.60% of the company’s stock.

Institutional Trading of Heritage Global

Hedge funds have recently modified their holdings of the business. Citadel Advisors LLC boosted its position in shares of Heritage Global by 17.0% in the third quarter. Citadel Advisors LLC now owns 73,465 shares of the company’s stock worth $122,000 after buying an additional 10,672 shares during the period. Goldman Sachs Group Inc. raised its position in Heritage Global by 29.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 49,951 shares of the company’s stock valued at $62,000 after buying an additional 11,512 shares during the period. Evergreen Capital Management LLC acquired a new position in Heritage Global during the second quarter valued at $26,000. Virtu Financial LLC purchased a new stake in Heritage Global in the 3rd quarter worth about $28,000. Finally, Jane Street Group LLC lifted its stake in Heritage Global by 196.2% in the 4th quarter. Jane Street Group LLC now owns 29,651 shares of the company’s stock worth $37,000 after acquiring an additional 19,642 shares in the last quarter. Hedge funds and other institutional investors own 33.46% of the company’s stock.

About Heritage Global

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.