Shares of the Heritage Global Inc. (HGBL) stock were continuing the downtrend in the pre-market session after dropping by 3.25% at the previous closing. HGBL stock price was down by 7.715% to drop at $2.75 in the pre-market. Let’s see the reason behind this fall.
Investors are looking for some reason behind this fall to calm themselves, but the reality is that there is no particular news related to HGBL stock to justify this fall, no analyst downgrades or shrank targeted per share price of HGBL stock that might explain the reason behind this bearish sentiment. Let’s have a look at some previous events of Heritage stock.
Previous Events of HGBL stock:
On April 02, 2021, HGBL stock did an announcement of declaration of monthly distributions of $0.071 per share payable on proposed dates. According to the distribution policy, the annual distribution rate has been changed to 8.5% of the per-share net asset value of the Funds as reported for the last five trading days of the year 2020. The distributions of $0.071 per month will start from April and continue through June.
On March 30, 2021, HGBL stock announced its engagement with an order of the U.S. Bankruptcy Court to offer for sale of the state-of-the-art air-chilled poultry processing plant along with its partner Harry Davis & Company. The processing plant is capable to process 140 birds per minute and 500 employees are working in it. As of the reported date, $30 million has been spent on its facility and equipment up-gradation.
About HGBL stock:
Heritage Global Inc. is operating as an asset services firm and its focused areas are financial and industrial asset transactions. It provides various range of services including market making, dispositions, acquisitions, valuations, and secured lending services. HGBL was founded in 1983 and its headquarters is located in San Diego, California.
HGBL stock is passing through difficult times as far as market sentiment is concerned and no one exactly knows that how long this situation would persist. Hence from an investor’s point of view, it is better to practice doing both fundamental as well as technical analysis of the stock before taking any decision.