Lake Street Capital Has Lowered Expectations for Heritage Global (NASDAQ:HGBL) Stock Price

Heritage Global (NASDAQ:HGBL) had its target price cut by research analysts at Lake Street Capital from $5.00 to $4.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Lake Street Capital’s price objective suggests a potential upside of 69.49% from the company’s current price.

Heritage Global Trading Up 12.9 %

Heritage Global stock opened at $2.36 on Friday. The firm has a 50 day moving average of $2.11 and a 200 day moving average of $1.83. The firm has a market capitalization of $88.12 million, a price-to-earnings ratio of 8.43 and a beta of 1.22. Heritage Global has a 12-month low of $1.52 and a 12-month high of $2.90.

Heritage Global (NASDAQ:HGBL) last announced its quarterly earnings data on Thursday, March 13th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.06). Heritage Global had a net margin of 20.60% and a return on equity of 16.05%. The company had revenue of $10.77 million for the quarter, compared to analysts’ expectations of $12.30 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC bought a new stake in Heritage Global in the fourth quarter worth $28,000. Jane Street Group LLC bought a new stake in shares of Heritage Global during the third quarter worth $25,000. Two Sigma Securities LLC bought a new stake in shares of Heritage Global during the fourth quarter worth $28,000. Janus Henderson Group PLC lifted its position in shares of Heritage Global by 53.2% during the third quarter. Janus Henderson Group PLC now owns 28,982 shares of the company’s stock worth $49,000 after purchasing an additional 10,068 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Heritage Global by 2.4% during the third quarter. Geode Capital Management LLC now owns 335,402 shares of the company’s stock valued at $570,000 after buying an additional 7,842 shares during the period. 33.46% of the stock is currently owned by institutional investors.

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.