Heritage Global (NASDAQ:HGBL) stock is heading higher on Thursday despite a lack of news from the company today.
The increase in price for HGBL stock comes alongside heavy trading of the shares. That’s seen more than 4 million shares of the stock change hands as of this writing. For comparison, the company’s daily average trading volume is only about 149,000 shares.
So why exactly is HGBL stock up today? The reason is unclear. It could be that investors are only now picking up on news from Tuesday concerning an auction for assets from the MD-80 aircraft. It’s also possible that day traders have targeted the stock for a quick pump and dump.
No matter the case, there’s no denying that more eyes are on HGBL stock today. For those unfamiliar with the company, here’s a quick breakdown.
- Heritage Global is a financial services company that offers “acquisition, disposition, valuation, and lending services for surplus and distressed assets.”
- The company handles operations through its various divisions.
- These include Heritage Global Partners, Heritage Global Valuations, Heritage National Loan Exchange, and Heritage Global Capital.
- HGBL is led by Ross Dove, who serves as its president, directors and CEO.
- The company was founded in 1979 and operates out of its headquarters in Toronto, Ontario, Canada.
- HGBL is no newbie to the stock market as it started trading publicly way back in 1993.
HGBL stock was up 11.5% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.