Cannon Global Investment Management LLC Invests $122,000 in The Honest Company, Inc. (NASDAQ:HNST)

Cannon Global Investment Management LLC purchased a new position in shares of The Honest Company, Inc. (NASDAQ:HNST) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 30,000 shares of the company’s stock, valued at approximately $122,000.

Several other hedge funds also recently made changes to their positions in the business. Green Alpha Advisors LLC grew its stake in shares of Honest by 1.3% during the 1st quarter. Green Alpha Advisors LLC now owns 415,148 shares of the company’s stock worth $1,681,000 after acquiring an additional 5,249 shares in the last quarter. Wade G W & Inc. grew its stake in shares of Honest by 6.3% during the 4th quarter. Wade G W & Inc. now owns 197,290 shares of the company’s stock worth $651,000 after acquiring an additional 11,685 shares in the last quarter. Jump Financial LLC bought a new position in shares of Honest during the 4th quarter worth approximately $120,000. Valmark Advisers Inc. bought a new position in shares of Honest during the 4th quarter worth approximately $431,000. Finally, Raymond James & Associates grew its stake in shares of Honest by 62.6% during the 4th quarter. Raymond James & Associates now owns 34,511 shares of the company’s stock worth $114,000 after acquiring an additional 13,285 shares in the last quarter. 45.54% of the stock is owned by institutional investors.

Honest Stock Performance

Shares of HNST stock traded up $0.01 during midday trading on Friday, hitting $2.92. 11,450,987 shares of the company were exchanged, compared to its average volume of 758,610. The Honest Company, Inc. has a 52 week low of $1.06 and a 52 week high of $4.89. The firm’s 50 day moving average price is $2.81 and its two-hundred day moving average price is $3.15.

Honest (NASDAQ:HNST) last posted its earnings results on Wednesday, May 8th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.07. The company had revenue of $86.22 million for the quarter, compared to the consensus estimate of $83.79 million. Honest had a negative return on equity of 17.44% and a negative net margin of 6.27%. On average, sell-side analysts predict that The Honest Company, Inc. will post -0.12 earnings per share for the current year.

Insider Transactions at Honest

In other Honest news, insider Katherine Barton sold 67,930 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $2.77, for a total transaction of $188,166.10. Following the transaction, the insider now owns 933,005 shares in the company, valued at approximately $2,584,423.85. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Honest news, insider Katherine Barton sold 67,930 shares of Honest stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $2.77, for a total value of $188,166.10. Following the completion of the transaction, the insider now directly owns 933,005 shares of the company’s stock, valued at approximately $2,584,423.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jessica Warren sold 276,113 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $3.07, for a total value of $847,666.91. Following the sale, the insider now directly owns 1,629,124 shares in the company, valued at $5,001,410.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 667,088 shares of company stock valued at $1,986,507. 8.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on HNST shares. Telsey Advisory Group reaffirmed a “market perform” rating and set a $4.00 price target on shares of Honest in a research note on Thursday, May 9th. Loop Capital raised 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. Morgan Stanley raised their target price on shares of Honest from $1.85 to $4.00 and gave the company an “equal weight” rating in a research note on Thursday, March 7th. Finally, Lake Street Capital initiated coverage on shares of Honest in a research note on Thursday, April 4th. They issued a “buy” rating and a $6.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $4.55.

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.