RE:Feels like someone is dumping shares againThat's often the frustration with with small caps. One seller can decide how the stock trades, despite improving fundamentals.
On the last conference call, I think it was implied that management had good visibility into Q4 EBITDA (expect ~$6.5 million) and Q1 in terms of implementing the price pass-throughs. I'd expect the price/cost spread to normalize as certain paper price machanisms are triggered in Q4 and Q1.
For 2019, I would expect ~$25 million in EBITDA (or higher). I would expect "legacy Data" to grow modestly as the company shifts its focus to marketing service (i.e. Perennial). EBITDA margins should gradually trend towards 10% (mix will help). The best outcome of 2019 will be improved investor optics -- i.e. stable EBITDA growth and debt repayment.
So hang tight. Patience is likely required. I don't mind, because I think a double is relatively easy.
Also, expect Perennial to become a significant driver to profit growth starting next year as the business shifts towards higher margin marketing work. I think this will also have positive implications to valuation (as will debt repayment).