Honest (NASDAQ:HNST) Shares Gap Up on Analyst Upgrade

The Honest Company, Inc. (NASDAQ:HNST)’s share price gapped up before the market opened on Thursday after B. Riley raised their price target on the stock from $6.50 to $7.00. The stock had previously closed at $6.01, but opened at $6.76. B. Riley currently has a buy rating on the stock. Honest shares last traded at $6.66, with a volume of 1,573,127 shares traded.

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

Insider Activity

In related news, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the company’s stock in a transaction 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 directly owns 9,869,803 shares in the company, valued at $34,544,310.50. This represents a 18.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Brendan Sheehey sold 8,176 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 value of $34,993.28. Following the transaction, the general counsel now owns 517,861 shares of the company’s stock, valued at approximately $2,216,445.08. The trade was a 1.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,461,187 shares of company stock worth $8,739,880. 8.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC acquired a new stake in shares of Honest in the first quarter valued at $27,000. Zacks Investment Management acquired a new stake in shares of Honest in the third quarter valued at $37,000. Creative Planning acquired a new stake in shares of Honest in the third quarter valued at $39,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Honest in the third quarter valued at $40,000. Finally, Panagora Asset Management Inc. acquired a new stake in shares of Honest in the second quarter valued at $43,000. 45.54% of the stock is currently owned by institutional investors.

Honest Price Performance

The company has a fifty day moving average price of $3.96 and a two-hundred day moving average price of $3.52. The firm has a market cap of $697.64 million, a price-to-earnings ratio of -172.75 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.