Hawaiian Electric Industries, Inc. ( HE ) shares are trading lower Tuesday after the company announced a secondary offering of 54 million shares of its common stock at a price of $9.25 per share.

The Details:

Hawaiian Electric said the offering is expected to close on Sept. 25 subject to customary closing conditions. The company has granted the underwriters of the offering an option to purchase up to an additional 8.1 million shares of common stock at the public offering price. 

HEI intends to use the net proceeds from the offering to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes.

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Hawaiian Electric shares are moving on heavy volume Tuesday with more than 5.6 million shares traded before the opening bell. According to data from Benzinga Pro, the stock is moving below its 50-day moving average of $13.25 and is approaching its 52-week low of $7.60. 

Will HE Stock Go Up?

When trying to assess whether or not Hawaiian Electric will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $15.0 on Hawaiian Electric Indus. The Street high target is currently at $16 and the Street low target is $14. Of all the analysts covering Hawaiian Electric Indus, no one has positive ratings, 3 have neutral ratings and one has a negative rating.

In the last month, no analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Hawaiian Electric Indus have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Hawaiian Electric Indus is 29.22% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Hawaiian Electric Indus, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

HE Price Action: According to Benzinga Pro, Hawaiian Electric Industries ( HE ) shares are down 10.1% at $9.79 at the time of publication Tuesday.

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