The Honest Company, Inc. (NASDAQ:HNST) Short Interest Down 11.1% in October

The Honest Company, Inc. (NASDAQ:HNST) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 2,000,000 shares, a decline of 11.1% from the October 15th total of 2,250,000 shares. Approximately 3.0% of the shares of the company are sold short. Based on an average daily trading volume, of 1,620,000 shares, the days-to-cover ratio is presently 1.2 days.

Insider Transactions at Honest

In other 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 transaction of $8,050,000.00. Following 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO David Loretta sold 75,656 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $4.28, for a total value of $323,807.68. Following the completion of the sale, the chief financial officer now owns 987,757 shares in the company, valued at $4,227,599.96. This trade represents a 7.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,461,187 shares of company stock worth $8,739,880 over the last three months. 8.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Honest

Hedge funds have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. lifted its stake in Honest by 122.5% in the third quarter. Harbor Capital Advisors Inc. now owns 219,697 shares of the company’s stock valued at $784,000 after buying an additional 120,937 shares during the period. Mainstream Capital Management LLC acquired a new position in Honest in the third quarter valued at about $843,000. Inspire Investing LLC acquired a new stake in shares of Honest during the third quarter worth about $806,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Honest during the first quarter worth about $3,777,000. Finally, Dimensional Fund Advisors LP raised 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 during the period. Institutional investors and hedge funds own 45.54% of the company’s stock.

Honest Trading Up 6.3 %

NASDAQ:HNST traded up $0.41 during mid-day trading on Friday, hitting $6.91. The company had a trading volume of 6,954,514 shares, compared to its average volume of 3,230,021. Honest has a fifty-two week low of $1.40 and a fifty-two week high of $7.14. The business’s fifty day moving average is $3.96 and its two-hundred day moving average is $3.52.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. B. Riley upped their price target on Honest from $6.50 to $7.00 and gave the company a “buy” rating in a research report on Wednesday. Northland Capmk upgraded Honest to a “strong-buy” rating in a report on Tuesday, August 6th. Alliance Global Partners upped their price target on Honest from $5.75 to $8.00 and gave the company a “buy” rating in a research note on Wednesday. Northland Securities upped their price target on Honest from $6.50 to $7.50 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Telsey Advisory Group upped their price target on Honest from $4.00 to $6.00 and gave the company a “market perform” rating in a research note on Wednesday. Two 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.com, Honest currently has a consensus rating of “Moderate Buy” and an average price target of $5.93.

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.