B. Riley Forecasts Strong Price Appreciation for Honest (NASDAQ:HNST) Stock

Honest (NASDAQ:HNST) had its price objective boosted by investment analysts at B. Riley from $6.50 to $7.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s price objective would indicate a potential upside of 7.69% from the stock’s previous close.

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

Honest Price Performance

Shares of NASDAQ:HNST opened at $6.50 on Wednesday. Honest has a 1 year low of $1.40 and a 1 year high of $6.77. The business has a 50 day simple moving average of $3.91 and a two-hundred day simple moving average of $3.49. The firm has a market capitalization of $650.52 million, a PE ratio of -162.50 and a beta of 1.85.

Insider Transactions at Honest

In related news, General Counsel Brendan Sheehey sold 8,176 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $4.28, for a total value of $34,993.28. Following the completion of the transaction, the general counsel now owns 517,861 shares of the company’s stock, valued at $2,216,445.08. The trade was a 1.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Stephen Winchell sold 6,938 shares of Honest stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $4.28, for a total value of $29,694.64. Following the completion of the transaction, the executive vice president now owns 414,736 shares in the company, 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. In the last quarter, insiders sold 2,461,187 shares of company stock valued at $8,739,880. Company insiders own 8.60% of the company’s stock.

Institutional Trading of Honest

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Honest by 10.4% during the 1st quarter. Vanguard Group Inc. now owns 2,851,501 shares of the company’s stock worth $11,549,000 after acquiring an additional 268,600 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Honest by 117.3% in 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. Dimensional Fund Advisors LP increased its position in shares of 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 in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of Honest during the 1st quarter valued at $3,777,000. Finally, Acadian Asset Management LLC boosted its position in shares of Honest by 706.1% in the 2nd 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 in the last quarter. 45.54% of the stock is owned by hedge funds and other institutional investors.

About Honest

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.