Honest (NASDAQ:HNST) Sees Unusually-High Trading Volume – What’s Next?

The Honest Company, Inc. (NASDAQ:HNST) shares saw unusually-strong trading volume on Monday . Approximately 2,055,468 shares changed hands 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

A number of research analysts recently issued reports on the stock. Alliance Global Partners raised their target price on shares of Honest from $5.75 to $8.00 and gave the company a “buy” rating in a research note 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. Telsey Advisory Group raised their target price on Honest from $4.00 to $6.00 and gave the company a “market perform” rating in a report on Wednesday, November 13th. B. Riley upped their price target on Honest from $6.50 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Northland Capmk upgraded shares of Honest to a “strong-buy” rating in a research note on Tuesday, August 6th. Two investment 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.93.

Honest Trading Up 1.7 %

The stock has a market cap of $739.03 million, a P/E ratio of -183.00 and a beta of 1.85. The company’s fifty day simple moving average is $4.10 and its 200-day simple moving average is $3.59.

Insider Buying and Selling

In other Honest news, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 9,869,803 shares in the company, valued at $34,544,310.50. This represents a 18.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Honest

Institutional investors and hedge funds have recently made changes to their positions in the company. ArrowMark Colorado Holdings LLC lifted its holdings in Honest by 6.4% during the 3rd 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 during the last quarter. Vanguard Group Inc. raised its stake in shares of Honest by 10.4% in the first quarter. Vanguard Group Inc. now owns 2,851,501 shares of the company’s stock valued at $11,549,000 after acquiring an additional 268,600 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Honest by 3.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,811,621 shares of the company’s stock worth $6,468,000 after acquiring an additional 65,995 shares in the last quarter. Renaissance Technologies LLC grew its position in Honest by 117.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,568,000 shares of the company’s stock worth $4,579,000 after acquiring an additional 846,300 shares during the last quarter. Finally, State Street Corp increased its holdings in Honest by 23.0% during the 3rd quarter. State Street Corp now owns 1,181,469 shares of the company’s stock valued at $4,218,000 after purchasing an additional 220,699 shares in the last quarter. Institutional investors and hedge funds own 45.54% of the company’s stock.

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.