Honest (NASDAQ:HNST) Trading 3.1% Higher – Here’s Why

The Honest Company, Inc. (NASDAQ:HNST)’s stock price rose 3.1% during trading on Friday . The stock traded as high as $6.70 and last traded at $6.70. Approximately 1,167,097 shares were traded during trading, a decline of 16% from the average daily volume of 1,383,000 shares. The stock had previously closed at $6.50.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on HNST shares. 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 shares of Honest from $4.00 to $6.00 and gave the company a “market perform” rating in a research report on Wednesday. B. Riley lifted their price target on shares of Honest from $6.50 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday. Northland Securities raised their price objective on Honest from $6.50 to $7.50 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Alliance Global Partners boosted their target price on Honest from $5.75 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Honest has a consensus rating of “Moderate Buy” and a consensus target price of $5.93.

Honest Stock Performance

The firm has a 50 day moving average of $3.96 and a 200-day moving average of $3.52. The stock has a market capitalization of $697.64 million, a PE ratio of -172.75 and a beta of 1.85.

Insider Buying and Selling

In other news, CFO David Loretta sold 75,656 shares of the stock in a transaction 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 transaction, the chief financial officer now owns 987,757 shares in the company, valued at $4,227,599.96. This represents a 7.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stephen Winchell sold 6,938 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $4.28, for a total transaction of $29,694.64. Following the completion of the sale, the executive vice president now owns 414,736 shares of the company’s stock, valued at $1,775,070.08. This represents a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,461,187 shares of company stock worth $8,739,880. 8.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. EntryPoint Capital LLC bought a new stake in Honest during the first quarter worth approximately $27,000. Zacks Investment Management acquired a new stake in shares of Honest in the third quarter worth $37,000. Creative Planning bought a new position in Honest in the 3rd quarter worth $39,000. Wealth Enhancement Advisory Services LLC acquired a new position in Honest during the 3rd quarter worth $40,000. Finally, Lazard Asset Management LLC bought a new stake in Honest during the first quarter valued at about $52,000. Institutional investors and hedge funds own 45.54% of the company’s stock.

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.