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Why Hawaiian Electric Plunged 12.8% This Week

TheMotleyFool

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Why Hawaiian Electric Plunged 12.8% This Week: https://g.foolcdn.com/editorial/images/787437/power-lines-sunset.jpg

Shares of Hawaiian Electric (NYSE: HE) fell 12.8% through Thursday of this week, according to data from S&P Global Market Intelligence.

Hawaiian Electric is still reeling from the fallout of the disastrous wildfires of August 2023, which claimed 100 lives and caused about $5.5 billion in damages, according to the U.S. Fire Administration.

While the stock had already been hammered in the aftermath, this new leg down stemmed from "going concern" language in the company's quarterly report filed late last Friday, which caused the stock to sell off on Monday of this week.

Source Fool.com

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