Asset services company Heritage Global Inc (NASDAQ:HGBL), which is primarily involved in the industrial and financial asset transactions space, has not had the backing of investors over the past month. During the course of that period, the stock has suffered from a strong selloff and decline by as much as 19%.
Trading Data
On Wednesday, HGBL stock gained 1.37% to $1.48 with 38k share, compared to its average volume of 61k shares. The stock has moved within a range of $1.4500 – 1.5100 after opening trade at $1.51.
Appoints Shirley Cho to Board of Directors
It is in this sort of situation, it is necessary for investors to perhaps figure out if the decline in the stock is an opportunity or if the stock is to be avoided in anticipation of further declines. Yesterday, the company as actually in the news after it announced that it had appointed Shirley S Cho as a member of its board of directors.
The appointment in question had come into effect back on December 20, 2021. While it is true that the appointment did not lead to any optimism from investors, it cannot be denied that it was a significant development.
Cho is going to replace Brendan Ryan, who had earlier tendered his resignation from the Heritage Global board. At this point in time, it may be a good idea for investors to keep an eye on the developments over the coming days before making any moves on the Heritage Global stock.
Key Quote
Sam Shimer, Chairman of the Board of Directors for Heritage Global, commented, “We are pleased to welcome Shirley to the Heritage Global board. With more than 20 years of valuable experience working closely with debtors, creditors and purchasers in a variety of capacities, Shirley adds valuable insight and expertise to our team. We would also like to thank Brendan Ryan for his many years of service and valuable contributions to Heritage Global.”
Technical Data
HGBL stock is trading below the 20-Day and 50-Day Moving averages of $1.55 and $1.72 respectively. However, the stock is trading below the 200-Day moving average of $2.29. The stock is up 16% in the past month.
