Honest (NASDAQ:HNST) Sees Strong Trading Volume – Time to Buy?

The Honest Company, Inc. (NASDAQ:HNST) shares saw unusually-strong trading volume on Monday . Approximately 2,055,468 shares were traded during mid-day trading, an increase of 46% from the previous session’s volume of 1,410,185 shares.The stock last traded at $6.92 and had previously closed at $6.91.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Northland Securities boosted their price objective on shares of Honest from $6.50 to $7.50 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Telsey Advisory Group boosted their price objective on Honest from $4.00 to $6.00 and gave the stock a “market perform” rating in a report on Wednesday, November 13th. Northland Capmk raised shares of Honest to a “strong-buy” rating in a research note on Tuesday, August 6th. B. Riley increased their price target on Honest from $6.50 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Alliance Global Partners lifted their price objective on Honest from $5.75 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $5.93.

Honest Trading Up 1.7 %

The company has a market capitalization of $739.03 million, a P/E ratio of -183.00 and a beta of 1.85. The company has a 50 day moving average price of $4.10 and a 200 day moving average price of $3.59.

Insider Transactions at Honest

In related news, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $3.50, for a total value of $8,050,000.00. Following the completion of the sale, the insider now directly owns 9,869,803 shares in the company, valued at approximately $34,544,310.50. The trade was a 18.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Honest

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ArrowMark Colorado Holdings LLC raised its stake in Honest by 6.4% in the third quarter. ArrowMark Colorado Holdings LLC now owns 3,163,968 shares of the company’s stock valued at $11,295,000 after purchasing an additional 191,547 shares in the last quarter. Vanguard Group Inc. increased its holdings in Honest by 10.4% in the 1st quarter. Vanguard Group Inc. now owns 2,851,501 shares of the company’s stock valued at $11,549,000 after buying an additional 268,600 shares during the period. Geode Capital Management LLC increased its holdings in Honest by 3.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,811,621 shares of the company’s stock valued at $6,468,000 after buying an additional 65,995 shares during the period. Renaissance Technologies LLC raised its position in shares of Honest by 117.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,568,000 shares of the company’s stock valued at $4,579,000 after buying an additional 846,300 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Honest by 23.0% during the 3rd quarter. State Street Corp now owns 1,181,469 shares of the company’s stock worth $4,218,000 after acquiring an additional 220,699 shares in the last quarter. 45.54% of the stock is owned by institutional investors and hedge funds.

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.