Honest (NASDAQ:HNST) Reaches New 1-Year High Following Analyst Upgrade

The Honest Company, Inc. (NASDAQ:HNST)’s stock price hit a new 52-week high during mid-day trading on Wednesday after B. Riley raised their price target on the stock from $6.50 to $7.00. B. Riley currently has a buy rating on the stock. Honest traded as high as $5.89 and last traded at $5.89, with a volume of 428225 shares traded. The stock had previously closed at $4.80.

Several other analysts have also issued reports on the company. Northland Capmk raised Honest to a “strong-buy” rating in a research note on Tuesday, August 6th. Telsey Advisory Group raised their price objective on Honest from $4.00 to $6.00 and gave the company a “market perform” rating in a research note on Wednesday. Northland Securities raised their price target on Honest from $6.50 to $7.50 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Alliance Global Partners raised their target price on shares of Honest from $5.75 to $8.00 and gave the stock a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Honest presently has an average rating of “Moderate Buy” and a consensus target price of $5.93.

Insider Buying and Selling

In other Honest news, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $3.50, for a total transaction of $8,050,000.00. Following the completion of the transaction, the insider now owns 9,869,803 shares of the company’s stock, valued at approximately $34,544,310.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO David Loretta sold 75,656 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $4.28, for a total transaction of $323,807.68. Following the sale, the chief financial officer now owns 987,757 shares in the company, valued at $4,227,599.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $3.50, for a total transaction of $8,050,000.00. Following the completion of the transaction, the insider now owns 9,869,803 shares of the company’s stock, valued at approximately $34,544,310.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,461,187 shares of company stock valued at $8,739,880 over the last quarter. Corporate insiders own 8.60% of the company’s stock.

Institutional Trading of Honest

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Honest by 10.4% in the 1st quarter. Vanguard Group Inc. now owns 2,851,501 shares of the company’s stock worth $11,549,000 after buying an additional 268,600 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Honest by 117.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,568,000 shares of the company’s stock worth $4,579,000 after acquiring an additional 846,300 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Honest by 68.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 943,618 shares of the company’s stock worth $2,755,000 after purchasing an additional 382,418 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in Honest in the 1st quarter worth $3,777,000. Finally, Acadian Asset Management LLC lifted its position in Honest by 706.1% during the second quarter. Acadian Asset Management LLC now owns 716,332 shares of the company’s stock valued at $2,088,000 after purchasing an additional 627,464 shares in the last quarter. Institutional investors own 45.54% of the company’s stock.

Honest Price Performance

The business has a 50-day simple moving average of $3.86 and a 200 day simple moving average of $3.47. The firm has a market cap of $601.48 million, a PE ratio of -150.25 and a beta of 1.85.

Honest Company Profile

The Honest Company, Inc manufactures and sells diapers and wipes, skin and personal care, and household and wellness products. The company also offers baby clothing and nursery bedding products. It sells its products through digital and retail sales channels, such as its website and third-party ecommerce sites, as well as brick and mortar retailers.