NEW YORK, May 28, 2026, 13:03 EDT
- Heritage Global shares slipped 0.8% to $1.26 in light trading on Thursday.
- Industrial Assets President Nicholas Kirk Dove picked up 26,000 shares at $1.215 apiece, a May 27 SEC filing said.
- The company posted a profit in the latest quarter, though both revenue and net income dropped from the same period last year.
Heritage Global Inc. slipped on the Nasdaq Thursday after a new SEC filing showed Nicholas Kirk Dove, president of Industrial Assets, picked up 26,000 shares at $1.215 on May 21. The buy brought his direct stake to 126,000 shares, the filing said. The purchase happened in the open market, not via private deal.
The shares traded at $1.26, off 0.8% on the day. They moved between $1.215 and $1.26, with volume at 24,869 shares. Heritage Global’s market cap was about $44.1 million, so even smaller filings tend to attract attention compared to bigger firms.
Heritage’s buy comes after a first quarter where the company stayed in the black, but numbers slipped from last year. The San Diego-based asset services group posted revenue of $12.7 million for the first quarter, off 5% from a year ago. Net income was $717,000, a 33% drop over the same period.
Heritage said its business covers auction and liquidation, refurbishment and resale, consumer loans, specialty lending and commercial loans. The company’s operations range from industrial machinery sales, lab-equipment resale, brokerage of charged-off receivables to loan-sale advisory.
Heritage CEO Ross Dove said in the earnings release that the company turned a profit to open 2026, but noted DebtX pulled results lower. Heritage acquired the loan-sale advisory unit on Jan. 1. Dove said DebtX’s first quarter is usually slower, adding he expects the business to steady in the second quarter.
DebtX added $0.6 million in revenue and posted a $0.6 million net loss for the quarter, according to the 10-Q. Heritage bought nearly all assets of The Debt Exchange Inc. for $8.46 million and logged $5.3 million in goodwill, the usual premium over fair value of net assets.
Heritage is buying back stock, too. The company repurchased 106,799 shares for around $0.1 million in the first quarter. As of March 31, about $7.4 million remained on its 2025 buyback program.
Peer stocks were up. Liquidity Services, which operates surplus-asset marketplaces, added 1.1%. RB Global, which owns Ritchie Bros. and other commercial-asset auction sites, rose roughly 3.0%. Liquidity Services calls itself a marketplace for surplus assets. RB Global says its brands focus on commercial assets, vehicles and heavy equipment.
Stocks pushed higher, with the SPDR S&P 500 ETF up 0.5% and Invesco QQQ Trust adding 0.9%, tracking gains in U.S. large-cap and tech names. Reuters said the S&P 500 and Nasdaq moved up as investors weighed talk of U.S.-Iran deal progress alongside inflation data. Jamie Cox at Harris Financial Group told Reuters traders were “on a hair trigger” for any deal updates. Reuters
U.S. stock markets traded Thursday, having closed for Memorial Day earlier this week. Nasdaq’s 2026 calendar put Memorial Day, May 25, as a market holiday. The next planned U.S. equity market closure is June 19 for Juneteenth, according to .
Downside risks are clear. Heritage said its biggest specialty lending client is in default, putting related loans into nonaccrual status. That means Heritage has stopped recording interest income on those loans because it’s not sure it will collect. At the end of March, nonaccrual loans carried an amortized cost of $23.7 million. Heritage said recovery on those loans is up in the air.
