Bradley Radoff, a director at Harte Hanks Inc. (NASDAQ:HHS), recently increased his stake in the company through a series of stock purchases. According to a recent SEC filing, Radoff acquired a total of 42,354 shares on December 4, 2024. The transactions were executed at prices ranging from $5.50 to $5.70 per share, amounting to a total investment of approximately $241,551. The stock, currently trading at $5.89, has seen a challenging year with a decline of over 20%. InvestingPro analysis shows an ambitious analyst target price of $17.50, suggesting significant potential upside.
These transactions increase Radoff's direct ownership to 374,174 shares of Harte Hanks common stock. Additionally, he holds 12,048 restricted stock units (RSUs) that are set to vest in May 2025, as well as 20,000 shares in an individual retirement account (IRA).
Harte Hanks, headquartered in Chelmsford, Massachusetts, specializes in direct mail advertising services. The company's shares are traded on the NASDAQ under the ticker symbol HHS.
In other recent news, Harte Hanks, the global marketing services firm, reported a 1.1% year-over-year increase in revenue for Q3 2024, a shift from previous quarters' declines. However, the company anticipates a low to mid-single digit decline in revenue for Q4 2024. In its ongoing transformation, Harte Hanks is implementing cost reduction initiatives, including Project Elevate, which is projected to improve EBITDA by $6 million within the year. The company has also established the Customer Excellence and Growth division and introduced a Chief Customer Data Officer to optimize customer experience and sales.
Recent developments include securing new clients in the fulfillment and financial services sectors and expanding relationships with existing customers. Despite Q3's revenue growth, Harte Hanks reported lower operating income and EBITDA compared to the same quarter of the previous year. The company's Q3 2024 revenues were $47.6 million, up from $47.1 million in Q3 of 2023, and its cash and cash equivalents stood at $5.9 million as of September 30, 2024. These recent updates reflect Harte Hanks' strategic efforts to grow free cash flow and create lasting value amidst anticipated fluctuations in revenue.
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