Heritage Global Inc Down 17.53% To $2.87 After Earnings Miss

Heritage Global Inc (HGBL) said after close Thursday that it earned $0.05 per share in quarter three 2023.

On the revenue line, the company reported $15.6 million, beating estimates by $2.2 million.

In the same quarter a year ago, the company earned $0.06 per share on revenue of $12.7 million.

The stock is down 17.53% to $2.87 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Heritage Global Inc has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 78, putting Heritage Global Inc in the top 25% of stocks. The firm set a 52-week high on July 17, 2023 at $4.08 and set a 52-week low on November 10, 2022 at $1.99.

Heritage Global Inc is a diversified financial services company. The firm provides acquisition, disposition, valuation, and lending services for surplus and distressed assets. It specializes in acting as an adviser, as well as acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, real estate, accounts receivable portfolios, and intellectual property.