Honest (NASDAQ:HNST) Sets New 12-Month High – What’s Next?

The Honest Company, Inc. (NASDAQ:HNST)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $8.48 and last traded at $8.48, with a volume of 64766 shares traded. The stock had previously closed at $8.15.

Analyst Upgrades and Downgrades

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

Honest Price Performance

The firm has a 50 day moving average of $4.32 and a 200-day moving average of $3.69. The stock has a market capitalization of $877.34 million, a P/E ratio of -220.50 and a beta of 1.85.

Insider Activity

In other news, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the 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 transaction, the insider now directly owns 9,869,803 shares of the company’s stock, valued at approximately $34,544,310.50. This represents a 18.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Stephen Winchell sold 7,123 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $7.10, for a total value of $50,573.30. Following the completion of the sale, the executive vice president now directly owns 382,613 shares in the company, valued at approximately $2,716,552.30. This represents a 1.83 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,542,680 shares of company stock worth $9,765,589. Company insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Honest

Institutional investors have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd lifted its position in shares of Honest by 7.1% during the third quarter. Dynamic Technology Lab Private Ltd now owns 80,544 shares of the company’s stock worth $288,000 after purchasing an additional 5,330 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Honest during the first quarter valued at $27,000. Charles Schwab Investment Management Inc. boosted its holdings in Honest by 3.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 225,567 shares of the company’s stock valued at $805,000 after acquiring an additional 7,379 shares during the last quarter. XTX Topco Ltd increased its position in Honest by 6.4% in the second quarter. XTX Topco Ltd now owns 137,797 shares of the company’s stock worth $402,000 after purchasing an additional 8,282 shares during the period. Finally, Zacks Investment Management bought a new stake in Honest during the 3rd quarter worth about $37,000. 45.54% of the stock is owned by institutional investors.

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.