Honest (NASDAQ:HNST) Shares Down 6.3% – Time to Sell?

The Honest Company, Inc. (NASDAQ:HNST)’s share price traded down 6.3% during mid-day trading on Friday . The company traded as low as $5.84 and last traded at $5.93. 646,996 shares changed hands during trading, a decline of 64% from the average session volume of 1,773,994 shares. The stock had previously closed at $6.33.

Analysts Set New Price Targets

A number of brokerages recently issued reports on HNST. Alliance Global Partners increased their price objective on Honest from $5.75 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Loop Capital cut shares of Honest from a “buy” rating to a “hold” rating and set a $7.00 price objective for the company. in a report on Tuesday, December 17th. Telsey Advisory Group lifted their price objective on shares of Honest from $6.00 to $7.00 and gave the stock a “market perform” rating in a research note on Friday. Northland Securities increased their price target on Honest from $7.50 to $9.50 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, B. Riley boosted their price objective on Honest from $6.50 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.93.

Honest Stock Performance

The company has a 50 day simple moving average of $6.79 and a two-hundred day simple moving average of $4.75. The company has a market cap of $592.64 million, a PE ratio of -146.75 and a beta of 2.45.

Insider Buying and Selling at Honest

In related news, CEO Carla Vernon sold 65,176 shares of Honest stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $7.10, for a total value of $462,749.60. Following the completion of the sale, the chief executive officer now owns 2,763,143 shares of the company’s stock, valued at approximately $19,618,315.30. The trade was a 2.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Brendan Sheehey sold 8,392 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $7.10, for a total value of $59,583.20. Following the completion of the transaction, the general counsel now directly owns 516,816 shares in the company, valued at $3,669,393.60. The trade was a 1.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 799,818 shares of company stock worth $5,975,421. 8.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Honest

Several large investors have recently made changes to their positions in HNST. Renaissance Technologies LLC lifted its position in shares of Honest by 117.3% in 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 period. Jacobs Levy Equity Management Inc. boosted its stake in Honest by 1,504.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 851,436 shares of the company’s stock worth $3,040,000 after buying an additional 798,384 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Honest by 706.1% in the 2nd quarter. Acadian Asset Management LLC now owns 716,332 shares of the company’s stock valued at $2,088,000 after buying an additional 627,464 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Honest by 377.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 773,806 shares of the company’s stock valued at $2,762,000 after buying an additional 611,844 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Honest by 68.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 943,618 shares of the company’s stock valued at $2,755,000 after acquiring an additional 382,418 shares in the last quarter. Institutional investors and hedge funds own 45.54% of the company’s stock.

About Honest

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.