First Advantage slides as Silver Lake to cut stake
FA•Offering details and ownership
J.P. Morgan is acting as underwriter.
Prior to the offering, Silver Lake owned about 89.56 million of First Advantage's roughly 171.75 million shares outstanding, according to LSEG data.
Recent stock performance and analyst view
First Advantage shares ended down 1.7% at $23.59 on Monday, trimming the year-to-date gain to 62%.
Six of 10 analysts rate the stock "strong buy" or "buy," while four rate it "hold"; the median price target is $27.
Shares fall after secondary offering news
Employment background screening company First Advantage's FA.O shares were down 6.7% at $22 post-market after news of a secondary offering.
Atlanta, Georgia-based First Advantage said private equity firm Silver Lake will offload 12.5 million shares.
