Blackhawk Network Holdings, Inc. (NASDAQ:HAWK) Hits New 52-Week High After Strong Earnings

Blackhawk Network Holdings, Inc. (NASDAQ:HAWK)’s share price hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $46.10 and last traded at $46.00, with a volume of 1,262,937 shares trading hands. The stock had previously closed at $43.45.

The credit services provider reported $0.12 EPS for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.07. Blackhawk Network Holdings had a negative net margin of 0.01% and a positive return on equity of 5.49%. The company had revenue of $463.10 million during the quarter, compared to the consensus estimate of $447.43 million. During the same quarter in the prior year, the company posted $0.13 EPS. The company’s quarterly revenue was up 18.4% compared to the same quarter last year.

A number of research firms recently issued reports on HAWK. Bank of America Corporation increased their target price on shares of Blackhawk Network Holdings from $44.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, July 20th. Zacks Investment Research raised shares of Blackhawk Network Holdings from a “hold” rating to a “strong-buy” rating and set a $51.00 target price for the company in a research report on Tuesday, July 25th. Mizuho reissued a “buy” rating and set a $52.00 target price (up previously from $50.00) on shares of Blackhawk Network Holdings in a research report on Saturday, July 22nd. Jefferies Group LLC restated a “buy” rating and issued a $53.00 price target (up previously from $49.00) on shares of Blackhawk Network Holdings in a report on Monday, July 24th. Finally, BidaskClub upgraded Blackhawk Network Holdings from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $45.14.

In other Blackhawk Network Holdings news, insider Roche L. Talbott Hoskins sold 20,000 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $41.25, for a total value of $825,000.00. Following the sale, the insider now directly owns 240,931 shares of the company’s stock, valued at $9,938,403.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Jerry N. Ulrich sold 75,000 shares of the firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $45.15, for a total value of $3,386,250.00. Following the transaction, the chief financial officer now directly owns 63,280 shares in the company, valued at $2,857,092. The disclosure for this sale can be found here. Insiders sold 116,212 shares of company stock worth $5,123,465 over the last ninety days. 3.80% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of HAWK. Jana Partners LLC acquired a new position in shares of Blackhawk Network Holdings during the first quarter worth approximately $109,418,000. Vident Investment Advisory LLC purchased a new position in shares of Blackhawk Network Holdings during the first quarter valued at $326,000. Bank of America Corp DE boosted its position in shares of Blackhawk Network Holdings by 2.2% in the first quarter. Bank of America Corp DE now owns 479,604 shares of the credit services provider’s stock valued at $19,471,000 after buying an additional 10,360 shares in the last quarter. Atria Investments LLC raised its position in Blackhawk Network Holdings by 3.0% in the first quarter. Atria Investments LLC now owns 10,428 shares of the credit services provider’s stock worth $423,000 after buying an additional 308 shares during the period. Finally, Vivaldi Capital Management LLC bought a new position in Blackhawk Network Holdings during the first quarter worth $10,376,670,000. 98.69% of the stock is currently owned by institutional investors.

The firm’s 50-day moving average price is $43.44 and its 200-day moving average price is $40.61. The company’s market capitalization is $2.46 billion.

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About Blackhawk Network Holdings

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.