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 stock in a transaction dated 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 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Honest Trading Down 0.8 %

HNST stock opened at $3.70 on Friday. The firm has a 50 day moving average of $3.92 and a 200-day moving average of $3.45. The Honest Company, Inc. has a 12-month low of $1.06 and a 12-month high of $4.89. The company has a market cap of $364.96 million, a price-to-earnings ratio of -16.09 and a beta of 1.90.

Honest (NASDAQ:HNST) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). Honest had a negative net margin of 3.50% and a negative return on equity of 10.00%. The company had revenue of $93.05 million during the quarter, compared to the consensus estimate of $87.63 million. During the same period last year, the firm earned ($0.14) EPS. Sell-side analysts forecast that The Honest Company, Inc. will post -0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Honest

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position 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 valued at $11,549,000 after acquiring an additional 268,600 shares during the period. Renaissance Technologies LLC increased 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 purchasing an additional 846,300 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Honest by 68.1% during 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. purchased a new position in shares of Honest during the 1st quarter worth approximately $3,777,000. Finally, Acadian Asset Management LLC increased its stake in shares of Honest by 706.1% during 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 currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on HNST shares. 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 note on Tuesday, June 25th. Northland Capmk upgraded shares of Honest to a “strong-buy” rating in a research report on Tuesday, August 6th. B. Riley began coverage on shares of Honest in a research report on Tuesday, September 10th. They issued a “buy” rating and a $6.50 price objective for the company. Finally, Northland Securities began coverage on shares of Honest in a research report on Tuesday, August 6th. They issued an “outperform” rating and a $6.00 price objective for the company. 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.