Shared Abacus Lp Thc Sells 2,300,000 Shares of The Honest Company, Inc. (NASDAQ:HNST) Stock

The Honest Company, Inc. (NASDAQ:HNST) major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 9,869,803 shares of the company’s stock, valued at approximately $34,544,310.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Honest Price Performance

HNST traded down $0.03 during midday trading on Friday, reaching $3.70. 1,848,137 shares of the company’s stock were exchanged, compared to its average volume of 1,123,835. The stock has a market capitalization of $364.96 million, a PE ratio of -16.09 and a beta of 1.90. The business’s 50-day moving average price is $3.91 and its 200 day moving average price is $3.44. The Honest Company, Inc. has a 1-year low of $1.06 and a 1-year high of $4.89.

Honest (NASDAQ:HNST) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.04). The business had revenue of $93.05 million for the quarter, compared to the consensus estimate of $87.63 million. Honest had a negative net margin of 3.50% and a negative return on equity of 10.00%. During the same quarter in the prior year, the firm posted ($0.14) earnings per share. As a group, analysts expect that The Honest Company, Inc. will post -0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Honest

Institutional investors and hedge funds have recently modified their holdings of the company. Hillsdale Investment Management Inc. acquired a new position in Honest during the first quarter worth approximately $3,777,000. Renaissance Technologies LLC increased its position in Honest by 117.3% during the second quarter. Renaissance Technologies LLC now owns 1,568,000 shares of the company’s stock worth $4,579,000 after purchasing an additional 846,300 shares during the last quarter. Acadian Asset Management LLC increased 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 worth $2,088,000 after purchasing an additional 627,464 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in Honest by 973.4% during the first quarter. Jacobs Levy Equity Management Inc. now owns 430,090 shares of the company’s stock worth $1,742,000 after purchasing an additional 390,022 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Honest by 68.1% during the second 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 during the last quarter. Hedge funds and other institutional investors own 45.54% of the company’s stock.

Analyst Upgrades and Downgrades

HNST has been the subject of several recent analyst reports. Northland Securities initiated coverage on shares of Honest in a research note on Tuesday, August 6th. They issued an “outperform” rating and a $6.00 price objective for the company. B. Riley assumed coverage on shares of Honest in a research report on Tuesday, September 10th. They set a “buy” rating and a $6.50 target price for the company. Northland Capmk upgraded shares of Honest to a “strong-buy” rating in a research report on Tuesday, August 6th. Finally, Loop Capital upgraded shares of Honest from a “hold” rating to a “buy” rating and set a $3.00 target price for the company in a research report on Tuesday, June 25th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $5.04.

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.