Craig Hallum Downgrades Blackhawk Network (HAWK) to Hold

Blackhawk Network (NASDAQ:HAWK) was downgraded by research analysts at Craig Hallum from a “buy” rating to a “hold” rating in a report issued on Tuesday, The Fly reports.

A number of other analysts have also issued reports on the company. Argus lowered their target price on Blackhawk Network from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, October 17th. Raymond James Financial reaffirmed a “market perform” rating on shares of Blackhawk Network in a report on Thursday, October 12th. Zacks Investment Research lowered Blackhawk Network from a “buy” rating to a “hold” rating in a report on Wednesday, September 20th. BMO Capital Markets lowered their target price on Blackhawk Network from $52.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, October 13th. Finally, Bank of America lowered their target price on Blackhawk Network from $50.00 to $46.00 and set a “neutral” rating on the stock in a report on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $47.17.

Shares of Blackhawk Network (NASDAQ HAWK) traded down $0.50 during midday trading on Tuesday, hitting $36.50. The stock had a trading volume of 735,900 shares, compared to its average volume of 1,205,700. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $2,550.00, a price-to-earnings ratio of -405.56, a price-to-earnings-growth ratio of 3.66 and a beta of 0.48. Blackhawk Network has a fifty-two week low of $32.60 and a fifty-two week high of $46.70.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Newbrook Capital Advisors LP bought a new stake in shares of Blackhawk Network in the 2nd quarter worth approximately $52,890,000. Castleark Management LLC bought a new stake in shares of Blackhawk Network in the 2nd quarter worth approximately $14,290,000. Penn Capital Management Co. Inc. lifted its position in shares of Blackhawk Network by 961.7% in the 2nd quarter. Penn Capital Management Co. Inc. now owns 208,672 shares of the credit services provider’s stock worth $9,213,000 after acquiring an additional 189,018 shares during the period. Yost Capital Management L.L.C. lifted its position in shares of Blackhawk Network by 37.7% in the 2nd quarter. Yost Capital Management L.L.C. now owns 613,890 shares of the credit services provider’s stock worth $26,767,000 after acquiring an additional 168,090 shares during the period. Finally, Renaissance Technologies LLC lifted its position in shares of Blackhawk Network by 53.7% in the 2nd quarter. Renaissance Technologies LLC now owns 327,549 shares of the credit services provider’s stock worth $14,281,000 after acquiring an additional 114,496 shares during the period. 96.68% of the stock is currently owned by hedge funds and other institutional investors.

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About Blackhawk Network

Blackhawk Network Holdings, Inc is a prepaid payment network. The Company operates through three segments: U.S. Retail, International, and Incentives & Rewards. The U.S. Retail segment is engaged in the sale of prepaid products to consumers at its retail distribution partners and online and the sale of telecom handsets to retail distribution partners for resale to consumers.