Honest (NASDAQ:HNST) Sees Large Volume Increase – Here’s Why

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

Analyst Ratings Changes

Several analysts recently commented on the company. 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 research report on Wednesday, November 13th. Alliance Global Partners lifted their price objective 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 increased their target price on shares of Honest from $6.50 to $7.50 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Northland Capmk upgraded shares of Honest to a “strong-buy” rating in a research report on Tuesday, August 6th. Finally, B. Riley upped their price target on shares of Honest from $6.50 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Two 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, the company presently has an average rating of “Moderate Buy” and an average target price of $5.93.

Honest Price Performance

The stock’s 50 day moving average price is $3.96 and its two-hundred day moving average price is $3.53. The firm has a market capitalization of $717.83 million, a price-to-earnings ratio of -172.75 and a beta of 1.85.

Insiders Place Their Bets

In other Honest news, EVP Stephen Winchell sold 6,938 shares of Honest stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $4.28, for a total transaction of $29,694.64. Following the sale, the executive vice president now directly owns 414,736 shares of the company’s stock, valued at approximately $1,775,070.08. The trade was a 1.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Carla Vernon sold 52,751 shares of the business’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 $225,774.28. Following the completion of the sale, the chief executive officer now directly owns 2,828,319 shares in the company, valued at approximately $12,105,205.32. This represents a 1.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,461,187 shares of company stock worth $8,739,880 in the last ninety days. Insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Honest

Hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its position in shares of Honest by 117.3% during the second 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. Jacobs Levy Equity Management Inc. raised its holdings in Honest by 1,504.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 851,436 shares of the company’s stock worth $3,040,000 after purchasing an additional 798,384 shares during the last quarter. Acadian Asset Management LLC lifted its position in Honest by 706.1% during the 2nd quarter. Acadian Asset Management LLC now owns 716,332 shares of the company’s stock valued at $2,088,000 after purchasing an additional 627,464 shares during the period. Dimensional Fund Advisors LP lifted its position in 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 purchasing an additional 382,418 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Honest by 216.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 545,323 shares of the company’s stock valued at $1,947,000 after acquiring an additional 372,749 shares during the last quarter. Institutional investors 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.