Blackhawk Network Holdings Inc. (HAWK) Stock Price Up 7% on Better-Than-Expected Earnings
Blackhawk Network Holdings Inc. (NASDAQ:HAWK) rose 7% on Wednesday following a better than expected earnings announcement. The company traded as high as $35.24 and last traded at $34.18, with a volume of 2,091,080 shares trading hands. The stock had previously closed at $31.93.
The company reported $0.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.04. The business had revenue of $361.60 million for the quarter. Blackhawk Network Holdings had a net margin of 1.24% and a return on equity of 15.40%. The firm’s revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.35 earnings per share.
HAWK has been the topic of several research analyst reports. Jefferies Group reissued a “buy” rating and set a $43.00 target price on shares of Blackhawk Network Holdings in a research note on Monday. Zacks Investment Research downgraded shares of Blackhawk Network Holdings from a “buy” rating to a “hold” rating in a report on Wednesday, September 21st. Bank of America Corp. restated a “hold” rating and set a $36.00 price objective on shares of Blackhawk Network Holdings in a report on Wednesday, July 20th. Finally, Credit Agricole SA upgraded shares of Blackhawk Network Holdings from an “underperform” rating to an “outperform” rating and upped their price objective for the stock from $34.00 to $36.00 in a report on Wednesday, September 21st. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $42.75.
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In other news, Director Arun Sarin sold 25,000 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $35.92, for a total value of $898,000.00. Following the completion of the sale, the director now owns 40,529 shares in the company, valued at $1,455,801.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.24% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of the stock. Standard Life Investments LTD raised its position 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 valued at $160,874,000 after buying an additional 2,214,977 shares during the last quarter. Franklin Resources Inc. bought a new position in Blackhawk Network Holdings during the second quarter valued at $21,668,000. Bloom Tree Partners LLC raised its position in 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 during the last quarter. Royal Bank of Canada raised its position in 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 during the last quarter. Finally, Renaissance Technologies LLC raised its position in 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 during the last quarter. Institutional investors own 91.35% of the company’s stock.
The firm’s 50-day moving average is $31.78 and its 200-day moving average is $33.15. The company has a market capitalization of $1.93 billion, a P/E ratio of 84.70 and a beta of 0.67.
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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