Hawaiian Electric Industries (HE) stock is experiencing a sharp decline on Tuesday following the announcement of a secondary offering of 54 million shares at a price of $9.25 per share. The company intends to use the proceeds to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes. Despite analyst price targets suggesting potential upside, HE stock is trading below its 50-day moving average and approaching its 52-week low.