Bradley Radoff, a director at Harte Hanks Inc. (NASDAQ:HHS), recently acquired a significant amount of the company's common stock. According to a filing with the Securities and Exchange Commission, Radoff purchased shares valued at over $100,000 on December 5th. The shares were bought at prices ranging from $5.75 to $5.90 per share, close to the current price of $5.93. The micro-cap company, valued at $42.93 million, has seen its stock decline about 21% over the past year. According to InvestingPro analysis, analysts have set an ambitious target price of $17.50, suggesting significant upside potential.
These transactions have increased Radoff's direct ownership to 391,399 shares. Additionally, Radoff holds 12,048 restricted stock unit (RSU) shares granted by Harte Hanks, which are set to vest on the first anniversary of their grant date, and 20,000 shares in an individual retirement account (IRA). InvestingPro subscribers have access to 10+ additional investment tips for HHS, including detailed insights about the company's valuation metrics and financial health indicators.
In other recent news, Harte Hanks, a global marketing services firm, reported a year-over-year revenue increase of 1.1% in its third-quarter earnings call, marking a shift from previous quarters' declines. However, the company anticipates a low to mid-single digit revenue decline in the fourth quarter. The call also detailed Harte Hanks' ongoing transformation efforts, including cost reduction initiatives and a strategic focus on growing free cash flow and optimizing the customer experience. Despite a modest rise in Q3 revenue, the company missed its operating income and EBITDA from the same quarter of the previous year. Harte Hanks is also introducing a Chief Customer Data Officer and establishing the Customer Excellence and Growth division to improve customer experience and sales. Furthermore, the company has secured new clients in the fulfillment and financial services sectors, and expansions with existing customers. The company's Project Elevate, a cost reduction program, is on track to improve EBITDA by $6 million within the year. These are the recent developments in Harte Hanks.
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