HawkEye 360, Inc.'s (NYSE:HAWK) Lock-Up Period Will End on November 3rd

Key Points

• HawkEye 360’s lock-up period ends November 3, allowing insiders and major shareholders to sell shares. The company issued 16 million shares in its May 7 public offering, raising $416 million at $26 per share.
• Analyst sentiment is mixed but leans positive, with an overall “Moderate Buy” rating and an average price target of $32.64. However, targets have been reduced by some firms, while Wall Street Zen and Weiss Ratings issued sell ratings.
• HAWK opened at $12.83, well below its $35.73 twelve-month high, while insiders sold 178,063 shares worth $2.77 million over the past 90 days. In its latest quarter, the company reported a smaller-than-expected loss of $0.07 per share and $49.81 million in revenue.

HawkEye 360's (NYSE:HAWK - Get Free Report) lock-up period will end on Tuesday, November 3rd. HawkEye 360 had issued 16,000,000 shares in its public offering on May 7th. The total size of the offering was $416,000,000 based on an initial share price of $26.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the end of the lock-up period.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Bank of America raised shares of HawkEye 360 from a "neutral" rating to a "buy" rating and lowered their target price for the company from $34.00 to $23.00 in a research note on Thursday, September 17th. Wall Street Zen downgraded shares of HawkEye 360 from a "hold" rating to a "sell" rating in a research note on Saturday, September 19th. Jefferies Financial Group reduced their price target on shares of HawkEye 360 from $34.00 to $31.00 and set a "buy" rating on the stock in a research note on Monday, August 17th. Berenberg Bank set a $24.00 price objective on shares of HawkEye 360 and gave the company a "buy" rating in a report on Wednesday, September 2nd. Finally, Weiss Ratings started coverage on shares of HawkEye 360 in a research report on Friday, August 14th. They issued a "sell (d)" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, HawkEye 360 has an average rating of "Moderate Buy" and an average target price of $32.64.

HawkEye 360 Price Performance

Shares of NYSE HAWK opened at $12.83 on Tuesday. The firm's fifty day moving average price is $16.51. HawkEye 360 has a twelve month low of $11.25 and a twelve month high of $35.73.

HawkEye 360 (NYSE:HAWK - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.06. The firm had revenue of $49.81 million during the quarter. Research analysts expect that HawkEye 360 will post -0.67 earnings per share for the current fiscal year.

Insider Buying and Selling at HawkEye 360

In other HawkEye 360 news, CFO Craig Chih-Meng Searle sold 9,228 shares of the firm's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $16.29, for a total transaction of $150,324.12. Following the transaction, the chief financial officer owned 209,228 shares of the company's stock, valued at approximately $3,408,324.12. This trade represents a 4.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John Serafini sold 92,329 shares of the business's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $14.78, for a total transaction of $1,364,622.62. Following the completion of the sale, the chief executive officer owned 554,972 shares of the company's stock, valued at approximately $8,202,486.16. This represents a 14.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 178,063 shares of company stock valued at $2,766,317 in the last ninety days.

Hedge Funds Weigh In On HawkEye 360

Several institutional investors have recently bought and sold shares of HAWK. Alyeska Investment Group L.P. bought a new position in HawkEye 360 in the second quarter worth approximately $5,358,000. Tidal Investments LLC purchased a new stake in HawkEye 360 during the second quarter worth $5,260,000. State Street Corp bought a new stake in HawkEye 360 during the 2nd quarter valued at $1,658,000. HBK Investments L P bought a new stake in HawkEye 360 during the 2nd quarter valued at $1,011,000. Finally, Readystate Asset Management LP purchased a new position in shares of HawkEye 360 in the 2nd quarter valued at $455,000.

HawkEye 360 Company Profile

HawkEye 360 is a geospatial intelligence company that uses satellite-based radio-frequency (RF) data to detect, geolocate, characterize and monitor signals emitted by devices and systems on Earth. Its technology can help identify activity that may not be visible through conventional optical imagery, supporting awareness of maritime, terrestrial and airborne environments.

The company operates a commercial satellite constellation in coordinated formations and combines RF observations with cloud-based processing, analytics and other geospatial data.

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