Blackhawk Network (HAWK) Trading 23.4% Higher After Analyst Upgrade
Blackhawk Network Holdings Inc (NASDAQ:HAWK) shares traded up 23.4% during mid-day trading on Wednesday after Credit Suisse Group raised their price target on the stock from $40.00 to $45.00. Credit Suisse Group currently has a neutral rating on the stock. Blackhawk Network traded as high as $45.10 and last traded at $45.05. 31,950,000 shares were traded during trading, an increase of 646% from the average session volume of 4,280,120 shares. The stock had previously closed at $36.50.
Several other research analysts also recently issued reports on the company. Zacks Investment Research downgraded Blackhawk Network from a “buy” rating to a “hold” rating in a research report on Wednesday. Craig Hallum downgraded Blackhawk Network from a “buy” rating to a “hold” rating in a research report on Tuesday. BidaskClub upgraded Blackhawk Network from a “strong sell” rating to a “sell” rating in a research report on Saturday, December 30th. Deutsche Bank restated a “buy” rating and set a $51.00 price objective on shares of Blackhawk Network in a research report on Friday, November 3rd. Finally, Mizuho downgraded Blackhawk Network from a “buy” rating to a “neutral” rating and set a $50.00 price objective for the company. in a research report on Wednesday, October 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. Blackhawk Network currently has an average rating of “Hold” and a consensus price target of $47.92.
A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Blackhawk Network by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 4,523,748 shares of the credit services provider’s stock worth $197,236,000 after acquiring an additional 105,653 shares during the period. Dimensional Fund Advisors LP grew its stake in Blackhawk Network by 2.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,751,904 shares of the credit services provider’s stock worth $76,733,000 after acquiring an additional 40,322 shares during the period. Newbrook Capital Advisors LP purchased a new stake in Blackhawk Network in the 2nd quarter worth approximately $52,890,000. State Street Corp grew its stake in Blackhawk Network by 6.7% in the 2nd quarter. State Street Corp now owns 1,094,994 shares of the credit services provider’s stock worth $47,740,000 after acquiring an additional 68,362 shares during the period. Finally, Elk Creek Partners LLC grew its stake in Blackhawk Network by 3.4% in the 3rd quarter. Elk Creek Partners LLC now owns 771,162 shares of the credit services provider’s stock worth $33,777,000 after acquiring an additional 25,156 shares during the period. 96.68% of the stock is owned by hedge funds and other institutional investors.
The company has a market cap of $2,570.00, a P/E ratio of -502.78, a P/E/G ratio of 3.66 and a beta of 0.48. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.74.
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Blackhawk Network Company Profile
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.
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