The Hackett Group, Inc. (HCKT) Shares Down 13.4% Following Weak Earnings

Shares of The Hackett Group, Inc. (NASDAQ:HCKT) dropped 13.4% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $13.24 and last traded at $13.80, with a volume of 670,291 shares changing hands. The stock had previously closed at $15.93.

The business services provider reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by $0.02. The company had revenue of $73.60 million for the quarter, compared to the consensus estimate of $74.36 million. The Hackett Group had a net margin of 8.42% and a return on equity of 28.01%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.24 EPS.

The Hackett Group announced that its Board of Directors has authorized a share repurchase plan on Monday, May 15th that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the business services provider to reacquire up to 1.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

HCKT has been the topic of a number of research reports. Roth Capital lowered shares of The Hackett Group from a “buy” rating to a “neutral” rating and set a $20.00 target price on the stock. in a research note on Wednesday, May 10th. SunTrust Banks, Inc. initiated coverage on shares of The Hackett Group in a research note on Thursday, June 15th. They set a “buy” rating and a $19.00 target price on the stock. BidaskClub raised shares of The Hackett Group from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Zacks Investment Research lowered shares of The Hackett Group from a “hold” rating to a “strong sell” rating in a research note on Monday, May 15th. Finally, Craig Hallum lowered shares of The Hackett Group from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a research note on Wednesday, May 10th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The Hackett Group presently has an average rating of “Buy” and an average price target of $20.00.

Large investors have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in The Hackett Group during the second quarter valued at approximately $116,000. Victory Capital Management Inc. raised its stake in The Hackett Group by 17.6% in the second quarter. Victory Capital Management Inc. now owns 7,522 shares of the business services provider’s stock valued at $117,000 after buying an additional 1,127 shares during the last quarter. Strs Ohio raised its stake in The Hackett Group by 92.2% in the first quarter. Strs Ohio now owns 9,800 shares of the business services provider’s stock valued at $191,000 after buying an additional 4,700 shares during the last quarter. TFS Capital LLC acquired a new stake in The Hackett Group during the first quarter valued at approximately $211,000. Finally, Trexquant Investment LP acquired a new stake in The Hackett Group during the first quarter valued at approximately $246,000. 81.75% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market cap of $403.22 million, a price-to-earnings ratio of 17.92 and a beta of 0.78. The company has a 50 day moving average of $15.85 and a 200-day moving average of $17.19.

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The Hackett Group Company Profile

The Hackett Group, Inc is an advisory and technology consulting company. The Company’s services include business transformation, enterprise performance management, working capital management and global business services. The Company is engaged in providing business and technology consulting services.

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