Hawaiian Electric Industries (NYSE:HE) Shares Gap Up – Here’s Why

Hawaiian Electric Industries, Inc. (NYSE:HE)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $10.08, but opened at $10.38. Hawaiian Electric Industries shares last traded at $10.00, with a volume of 516,515 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on HE shares. Evercore ISI cut their price target on shares of Hawaiian Electric Industries from $11.00 to $10.00 and set an “in-line” rating for the company in a report on Tuesday, November 19th. Barclays began coverage on Hawaiian Electric Industries in a research report on Thursday, February 6th. They issued an “equal weight” rating and a $10.00 target price on the stock. StockNews.com cut Hawaiian Electric Industries from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Jefferies Financial Group reduced their price objective on shares of Hawaiian Electric Industries from $11.50 to $10.50 and set a “hold” rating on the stock in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Hawaiian Electric Industries currently has an average rating of “Hold” and a consensus price target of $10.50.

Hawaiian Electric Industries Stock Performance

The business has a 50 day simple moving average of $9.52 and a 200 day simple moving average of $10.69. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.18 and a current ratio of 0.18.

Hedge Funds Weigh In On Hawaiian Electric Industries

Several institutional investors have recently bought and sold shares of the company. Virtu Financial LLC purchased a new position in shares of Hawaiian Electric Industries in the third quarter valued at approximately $821,000. FORA Capital LLC purchased a new stake in shares of Hawaiian Electric Industries during the third quarter worth $692,000. Franklin Resources Inc. raised its stake in shares of Hawaiian Electric Industries by 656.7% in the third quarter. Franklin Resources Inc. now owns 2,722,668 shares of the utilities provider’s stock valued at $27,499,000 after acquiring an additional 2,362,863 shares in the last quarter. Seven Grand Managers LLC acquired a new stake in shares of Hawaiian Electric Industries in the third quarter valued at $4,888,000. Finally, FMR LLC grew its stake in Hawaiian Electric Industries by 7,986.3% during the 3rd quarter. FMR LLC now owns 5,340,679 shares of the utilities provider’s stock worth $51,698,000 after purchasing an additional 5,274,633 shares in the last quarter. 59.91% of the stock is owned by institutional investors and hedge funds.

Hawaiian Electric Industries Company Profile

Hawaiian Electric Industries, Inc, together with its subsidiaries, engages in the electric utility businesses in the United States. It operates in three segments: Electric Utility, Bank, and Other. The Electric Utility segment engages in the production, purchase, transmission, distribution, and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai.