Heritage Global (NASDAQ:HGBL) Upgraded by Lake Street Capital to Strong-Buy Rating

Lake Street Capital upgraded shares of Heritage Global (NASDAQ:HGBL) to a strong-buy rating in a research report released on Friday,Zacks.com reports.

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

Heritage Global Stock Up 0.9%

Shares of NASDAQ:HGBL opened at $1.09 on Friday. The company has a market capitalization of $37.86 million, a PE ratio of -2.66 and a beta of 0.45. The company has a current ratio of 1.95, a quick ratio of 1.51 and a debt-to-equity ratio of 0.06. Heritage Global has a twelve month low of $1.01 and a twelve month high of $1.98. The firm has a 50 day simple moving average of $1.20 and a 200-day simple moving average of $1.28.

Heritage Global (NASDAQ:HGBL) last issued its earnings results on Thursday, August 13th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.02. The business had revenue of $12.27 million during the quarter, compared to analysts’ expectations of $13.29 million. Heritage Global had a negative net margin of 29.63% and a positive return on equity of 5.77%.

Insider Transactions at Heritage Global

In other news, insider Nicholas Kirk Dove acquired 26,000 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were bought at an average cost 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 $153,720. This represents a 26.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 15.60% of the company’s stock.

Institutional Trading of Heritage Global

Several hedge funds and other institutional investors have recently made changes to their positions in HGBL. Evergreen Capital Management LLC acquired a new position in shares of Heritage Global during the second quarter worth about $26,000. Virtu Financial LLC acquired a new stake in Heritage Global in the third quarter valued at about $28,000. XTX Topco Ltd purchased a new stake in Heritage Global in the 4th quarter valued at approximately $31,000. Jane Street Group LLC increased its position in Heritage Global by 196.2% during the 4th quarter. Jane Street Group LLC now owns 29,651 shares of the company’s stock worth $37,000 after purchasing an additional 19,642 shares during the period. Finally, Susquehanna International Group LLP acquired a new position in Heritage Global during the 3rd quarter worth approximately $71,000. Hedge funds and other institutional investors own 33.46% of the company’s stock.

Heritage Global Company Profile

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.