10 Best Single Digit Stocks To Buy Now

7. Hawaiian Electric Industries, Inc. (NYSE:HE)

Share Price as of December 27: $9.94

Number of Hedge Fund Holders: 32

Hawaiian Electric Industries, Inc. (NYSE:HE) is a holding company, headquartered in Honolulu, that is engaged in electric utility, banking, and sustainable infrastructure businesses through its subsidiaries. It is the largest supplier of electricity in the state of Hawaii.

On December 31, the company announced that it would sell 90.1% of the stake in its bank subsidiary, American Savings Bank, to individual investors for $450 million. The bank would keep its current management and branches. It retained 9.9% of the common stock. No other investor owns a greater share.

The bank’s sale would allow the company to enhance its focus on the utility side of the business as it strives to recover from the 2023 Maui wildfires and improve its financial position. Hawaiian Electric Industries, Inc. (NYSE:HE) was hit with a series of lawsuits after investigators stated the wildfires, which killed more than 100 people, resulted from a downed power line.

On November 8, the company announced financial results for the third quarter of 2024. It reported a consolidated net loss of $104.4 million, or 91 cents per share. Two one-time losses occurred during the quarter. The first was a $203 million pretax loss related to wildfire liabilities, while the second was a $35.2 million pretax asset impairment at Pacific Current.

During Q3, Hawaiian Electric Industries, Inc. (NYSE:HE) entered into a definitive $1.99 billion settlement agreement with plaintiffs in the Maui wildfire tort litigation, a significant step toward financial recovery. The company ended the quarter in an improved cash position, with the holding company and the utility having $678 million and $148 million of cash on hand, respectively.

While Wall Street analysts have a consensus Hold rating for the stock, they anticipate an average share price upside potential of 14%. According to Insider Monkey’s database for Q3 2024, 32 hedge funds held a stake in the company, making HE one of the best single digit stocks to buy now.