Honest (NASDAQ:HNST) Shares Gap Up Following Analyst Upgrade

Shares of The Honest Company, Inc. (NASDAQ:HNST) gapped up before the market opened on Thursday after B. Riley raised their price target on the stock from $6.50 to $7.00. The stock had previously closed at $6.01, but opened at $6.76. B. Riley currently has a buy rating on the stock. Honest shares last traded at $6.66, with a volume of 1,573,127 shares.

Several other equities research analysts have also recently commented on the stock. Northland Capmk raised shares of Honest to a “strong-buy” rating in a research report on Tuesday, August 6th. Alliance Global Partners boosted their price target on Honest from $5.75 to $8.00 and gave the company a “buy” rating in a report on Wednesday. Telsey Advisory Group upped their price objective on Honest from $4.00 to $6.00 and gave the stock a “market perform” rating in a research report on Wednesday. Finally, Northland Securities lifted their target price on Honest from $6.50 to $7.50 and gave the company an “outperform” rating in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Honest currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.93.

Insider Buying and Selling

In other Honest 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 transaction, the insider now owns 9,869,803 shares of the company’s stock, valued at $34,544,310.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO David Loretta sold 75,656 shares of Honest stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $4.28, for a total transaction of $323,807.68. Following the completion of the transaction, the chief financial officer now owns 987,757 shares in the company, valued at approximately $4,227,599.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction, the insider now directly owns 9,869,803 shares in the company, valued at approximately $34,544,310.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,461,187 shares of company stock worth $8,739,880. Corporate insiders own 8.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. EntryPoint Capital LLC bought a new position in Honest during the first quarter worth $27,000. Creative Planning bought a new stake in shares of Honest during the 3rd quarter worth about $39,000. Wealth Enhancement Advisory Services LLC acquired a new position in Honest in the 3rd quarter valued at about $40,000. Lazard Asset Management LLC bought a new position in Honest in the 1st quarter valued at about $52,000. Finally, Panagora Asset Management Inc. acquired a new stake in Honest during the second quarter worth approximately $43,000. 45.54% of the stock is owned by institutional investors and hedge funds.

Honest Stock Up 10.8 %

The company has a market cap of $666.53 million, a P/E ratio of -166.50 and a beta of 1.85. The business has a fifty day moving average price of $3.86 and a 200-day moving average price of $3.47.

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.