Honest (NASDAQ:HNST) Stock Price Down 6.3% – Here’s Why

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Telsey Advisory Group lifted their price target on Honest from $6.00 to $7.00 and gave the company a “market perform” rating in a research note on Friday. Northland Securities upped their price target on shares of Honest from $7.50 to $9.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Alliance Global Partners increased their target price on shares of Honest from $5.75 to $8.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. B. Riley lifted their price target on Honest from $6.50 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Loop Capital downgraded Honest from a “buy” rating to a “hold” rating and set a $7.00 price objective for the company. in a research report on Tuesday, December 17th. Three equities 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. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.93.

Honest Stock Down 7.3 %

The company’s fifty day moving average is $6.79 and its 200 day moving average is $4.75. The stock has a market cap of $592.64 million, a PE ratio of -146.75 and a beta of 2.45.

Insider Buying and Selling

In other news, 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 transaction of $59,583.20. Following the completion of the sale, the general counsel now owns 516,816 shares of the company’s stock, valued at approximately $3,669,393.60. This trade represents a 1.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephen Winchell sold 7,123 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $7.10, for a total transaction of $50,573.30. Following the transaction, the executive vice president now directly owns 382,613 shares in the company, valued at $2,716,552.30. The trade was a 1.83 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 799,818 shares of company stock valued at $5,975,421. Company insiders own 8.60% of the company’s stock.

Institutional Trading of Honest

Institutional investors have recently added to or reduced their stakes in the business. Zacks Investment Management bought a new stake in shares of Honest during the 3rd quarter valued at about $37,000. Creative Planning bought a new position in shares of Honest during the third quarter valued at approximately $39,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Honest during the 3rd quarter worth approximately $40,000. Castleview Partners LLC bought a new stake in shares of Honest in the 3rd quarter worth approximately $71,000. Finally, US Bancorp DE bought a new position in Honest during the 3rd quarter worth $78,000. Institutional investors 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.