First Advantage falls on Silver Lake's stake sale
BUZZ-First Advantage falls on Silver Lake's stake sale ** Employment background screener First Advantage's FA.O shares down 11% to $21 before the bell on Tues after secondary offering prices
** Atlanta, Georgia-based FA early Tues announces Silver Lake offloads 12.5 mln shares at $22.20
** Offering price represents 5.9% discount to stock's last sale on Mon
** Sale takes private equity firm Silver Lake's holdings to ~77.06 mln shares, roughly 44% of FA's ~171.75 mln shares outstanding, per an SEC filing
** JP Morgan sole underwriter for offering
** Through Mon, FA shares surged 62% YTD. Stock hit record intraday high of $25.15 on Fri
** 6 of 10 analysts rate the stock "strong buy" or "buy", 4 "hold"; median PT of $27 up from $18 a month ago, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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First Advantage falls on Silver Lake's stake sale
Brief: First Advantage Corporation Registers 87.45 Million Shares For Resale By Selling Stockholder
First Advantage slides as Silver Lake to cut stake