Honest (NASDAQ:HNST) Rating Lowered to Hold at Loop Capital

Honest (NASDAQ:HNST) was downgraded by Loop Capital from a “buy” rating to a “hold” rating in a report issued on Tuesday, Marketbeat Ratings reports. They presently have a $7.00 target price on the stock. Loop Capital’s price objective indicates a potential upside of 7.36% from the company’s previous close.

HNST has been the topic of a number of other research reports. 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. Northland Securities raised their target price on shares of Honest from $7.50 to $9.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Telsey Advisory Group boosted their price target on shares of Honest from $4.00 to $6.00 and gave the company a “market perform” rating in a report on Wednesday, November 13th. Finally, Alliance Global Partners raised their price objective on shares of Honest from $5.75 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $6.79.

Honest Stock Down 8.0 %

HNST opened at $6.52 on Tuesday. The business has a fifty day simple moving average of $5.83 and a 200-day simple moving average of $4.30. The firm has a market cap of $658.27 million, a PE ratio of -163.00 and a beta of 2.42. Honest has a fifty-two week low of $2.40 and a fifty-two week high of $8.97.

Insider Activity at Honest

In related news, CEO Carla Vernon sold 65,176 shares of Honest stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $7.10, for a total transaction 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. This trade represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Brendan Sheehey sold 92,138 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $8.13, for a total value of $749,081.94. Following the completion of the transaction, the general counsel now directly owns 516,816 shares in the company, valued at approximately $4,201,714.08. The trade was a 15.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 799,818 shares of company stock valued at $5,975,421. Corporate insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Honest

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HNST. Renaissance Technologies LLC increased its stake in shares of 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 purchasing an additional 846,300 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in Honest by 1,504.9% in the third 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 in the last quarter. Acadian Asset Management LLC increased its position in Honest by 706.1% during the second quarter. Acadian Asset Management LLC now owns 716,332 shares of the company’s stock worth $2,088,000 after buying an additional 627,464 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Honest by 68.1% during the second quarter. Dimensional Fund Advisors LP now owns 943,618 shares of the company’s stock valued at $2,755,000 after buying an additional 382,418 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Honest by 216.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 545,323 shares of the company’s stock worth $1,947,000 after buying an additional 372,749 shares during the last quarter. 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.