Bank of America Corp. downgraded shares of Blackhawk Network Holdings Inc. (NASDAQ:HAWK) from a buy rating to a neutral rating in a research note released on Friday morning. The firm currently has $34.00 price objective on the stock, down from their prior price objective of $41.00.
“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,,” the firm’s analyst wrote.
A number of other research firms have also recently weighed in on HAWK. Zacks Investment Research upgraded shares of Blackhawk Network Holdings from a sell rating to a strong-buy rating and set a $41.00 target price on the stock in a research note on Wednesday, July 27th. Credit Agricole SA upgraded shares of Blackhawk Network Holdings from an underperform rating to an outperform rating and lifted their target price for the company from $34.00 to $36.00 in a research note 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 issued a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $42.75.
Shares of Blackhawk Network Holdings (NASDAQ:HAWK) opened at 31.93 on Friday. The firm’s 50-day moving average is $31.78 and its 200 day moving average is $33.15. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of 79.03 and a beta of 0.67. Blackhawk Network Holdings has a 52-week low of $28.88 and a 52-week high of $48.40.
Blackhawk Network Holdings (NASDAQ:HAWK) last released its earnings results on Tuesday, October 11th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.04. Blackhawk Network Holdings had a net margin of 1.24% and a return on equity of 15.40%. The company had revenue of $361.60 million for the quarter, compared to analysts’ expectations of $189.25 million. During the same quarter in the previous year, the company earned $0.35 EPS. Blackhawk Network Holdings’s revenue for the quarter was up 2.5% on a year-over-year basis. Equities analysts expect that Blackhawk Network Holdings will post $1.57 EPS for the current year.
In other news, Director Arun Sarin sold 25,000 shares of the company’s stock in a transaction dated 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 directly owns 40,529 shares in the company, valued at approximately $1,455,801.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.24% of the company’s stock.
Several hedge funds have recently made changes to their positions in HAWK. Quadrature Capital Ltd purchased a new position in shares of Blackhawk Network Holdings during the first quarter valued at approximately $399,000. Lazard Asset Management LLC increased its position in shares of Blackhawk Network Holdings by 10.5% in the first quarter. Lazard Asset Management LLC now owns 550,850 shares of the company’s stock valued at $18,894,000 after buying an additional 52,400 shares during the last quarter. State Street Corp increased its position in shares of Blackhawk Network Holdings by 1.1% in the first quarter. State Street Corp now owns 924,375 shares of the company’s stock valued at $31,706,000 after buying an additional 9,860 shares during the last quarter. Spark Investment Management LLC purchased a new position in shares of Blackhawk Network Holdings during the first quarter valued at approximately $1,656,000. Finally, Picton Mahoney Asset Management purchased a new position in shares of Blackhawk Network Holdings during the first quarter valued at approximately $1,715,000. 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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