Why Hawaiian Electric Stock Is Down Today
Portfolio Pulse from Erica Kollmann
Hawaiian Electric Industries, Inc. (NYSE:HE) shares fell after announcing a secondary offering of 54 million shares at $9.25 each. The proceeds will fund a settlement related to the Maui wildfire and general corporate purposes. The stock is trading below its 50-day moving average and near its 52-week low.
September 24, 2024 | 2:01 pm
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Hawaiian Electric's stock declined due to a secondary offering of 54 million shares at $9.25, intended to fund a wildfire settlement and other purposes. The stock is trading below its 50-day average and near its 52-week low.
The announcement of a large secondary offering typically dilutes existing shares, leading to a decrease in stock price. The offering price is below the current trading price, adding downward pressure. The stock is also trading below key technical levels, indicating potential further downside.
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