Honest (NASDAQ:HNST) Hits New 12-Month High – What’s Next?

The Honest Company, Inc. (NASDAQ:HNST)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $7.47 and last traded at $7.45, with a volume of 1902216 shares trading hands. The stock had previously closed at $7.20.

Analyst Ratings Changes

Several research analysts have weighed in on HNST shares. Northland Securities upped their price objective on shares of Honest from $6.50 to $7.50 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. 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. Telsey Advisory Group raised their target price on shares of Honest from $4.00 to $6.00 and gave the company a “market perform” rating in a research note on Wednesday, November 13th. B. Riley increased their price target on shares of Honest from $6.50 to $7.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Northland Capmk raised shares of Honest to a “strong-buy” rating in a report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating, five have given 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 an average price target of $5.93.

Honest Price Performance

The firm’s 50-day simple moving average is $4.03 and its two-hundred day simple moving average is $3.56.

Insider Buying and Selling

In other news, CEO Carla Vernon sold 52,751 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 2,828,319 shares of the company’s stock, valued at approximately $12,105,205.32. This represents a 1.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $3.50, for a total value of $8,050,000.00. Following the completion of the transaction, the insider now directly owns 9,869,803 shares of the company’s stock, valued at $34,544,310.50. This represents a 18.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,461,187 shares of company stock valued at $8,739,880 in the last 90 days. 8.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Honest

Large investors have recently modified their holdings of the company. EntryPoint Capital LLC purchased a new position in Honest during the 1st quarter worth $27,000. Zacks Investment Management purchased a new position in Honest during the 3rd quarter worth $37,000. Creative Planning purchased a new position in Honest during the 3rd quarter worth $39,000. Wealth Enhancement Advisory Services LLC purchased a new position in Honest during the 3rd quarter worth $40,000. Finally, Panagora Asset Management Inc. purchased a new position in shares of Honest in the 2nd quarter worth about $43,000. 45.54% of the stock is currently owned by institutional investors.

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.