Blackhawk Network Holdings Inc. (HAWK) Downgraded to “Neutral” at Bank of America Corp.
Blackhawk Network Holdings Inc. (NASDAQ:HAWK) was downgraded by stock analysts at Bank of America Corp. from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday. They currently have a $34.00 price target on the stock. Bank of America Corp.’s price target points to a potential upside of 9.15% from the company’s current price.
The analysts wrote, “The EMV mandate requires merchants to implement chip-enabled point-of-sale systems or accept liability of fraud (previously assumed by card networks/banks). Implementation delays have led to some of HAWK’s partners taking action to limit open loop card fraud. Actions include pulling cards off shelves, cash/debit only purchases, & removal of high value products,”
Other equities analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Blackhawk Network Holdings from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 29th. Credit Agricole SA raised shares of Blackhawk Network Holdings from an “underperform” rating to an “outperform” rating and raised their price objective for the company from $34.00 to $36.00 in a research report on Wednesday, September 21st. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $42.75.
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Blackhawk Network Holdings (NASDAQ:HAWK) traded up 1.9913% during trading on Friday, hitting $31.7703. The stock had a trading volume of 1,512,718 shares. Blackhawk Network Holdings has a 52-week low of $28.88 and a 52-week high of $48.40. The firm has a market cap of $1.79 billion, a P/E ratio of 78.6394 and a beta of 0.67. The company has a 50-day moving average of $31.85 and a 200 day moving average of $33.18.
Blackhawk Network Holdings (NASDAQ:HAWK) last posted its quarterly earnings results on Tuesday, July 19th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.24 by $0.13. Blackhawk Network Holdings had a net margin of 1.24% and a return on equity of 15.40%. During the same quarter in the previous year, the company earned $0.38 earnings per share. On average, equities research analysts predict that Blackhawk Network Holdings will post $1.57 earnings per share for the current fiscal year.
In other Blackhawk Network Holdings news, Director Arun Sarin sold 25,000 shares of Blackhawk Network Holdings stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $35.92, for a total transaction of $898,000.00. Following the sale, the director now owns 40,529 shares in the company, valued at $1,455,801.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.24% of the company’s stock.
Large investors have recently bought and sold shares of the company. Standard Life Investments LTD increased its stake in Blackhawk Network Holdings by 85.7% in the second quarter. Standard Life Investments LTD now owns 4,800,778 shares of the company’s stock worth $160,874,000 after buying an additional 2,214,977 shares in the last quarter. Franklin Resources Inc. purchased a new stake in shares of Blackhawk Network Holdings during the second quarter valued at approximately $21,668,000. Bloom Tree Partners LLC increased its stake in shares of Blackhawk Network Holdings by 38.4% in the first quarter. Bloom Tree Partners LLC now owns 1,721,218 shares of the company’s stock valued at $59,038,000 after buying an additional 477,889 shares in the last quarter. Royal Bank of Canada increased its stake in shares of Blackhawk Network Holdings by 1,986.0% in the second quarter. Royal Bank of Canada now owns 470,984 shares of the company’s stock valued at $15,773,000 after buying an additional 448,406 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Blackhawk Network Holdings by 128.7% in the first quarter. Renaissance Technologies LLC now owns 760,063 shares of the company’s stock valued at $26,070,000 after buying an additional 427,700 shares in the last quarter. Hedge funds and other institutional investors own 91.35% of the company’s stock.
About Blackhawk Network Holdings
Blackhawk Network Holdings, Inc is a prepaid payment network. The Company offers a range of prepaid gift, telecom and debit cards, in physical and electronic forms, as well as related prepaid products and payment services. The Company’s segments are US Retail, International Retail and Incentives & Rewards.
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