Telsey Advisory Group Forecasts Strong Price Appreciation for Honest (NASDAQ:HNST) Stock

Honest (NASDAQ:HNST) had its price objective upped by stock analysts at Telsey Advisory Group from $4.00 to $6.00 in a report issued on Wednesday, Marketbeat reports. The firm currently has a “market perform” rating on the stock. Telsey Advisory Group’s target price suggests a potential downside of 7.69% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the company. Northland Securities boosted their price target on Honest from $6.50 to $7.50 and gave the stock an “outperform” rating in a research note on Wednesday. Alliance Global Partners boosted their target price on shares of Honest from $5.75 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday. Northland Capmk raised shares of Honest to a “strong-buy” rating in a report on Tuesday, August 6th. Finally, B. Riley initiated coverage on shares of Honest in a report on Tuesday, September 10th. They set a “buy” rating and a $6.50 price objective on the stock. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.93.

Honest Price Performance

Honest stock opened at $6.50 on Wednesday. Honest has a 1-year low of $1.40 and a 1-year high of $6.77. The business has a fifty day moving average price of $3.91 and a 200-day moving average price of $3.49. The stock has a market capitalization of $650.52 million, a price-to-earnings ratio of -162.50 and a beta of 1.85.

Insider Buying and Selling

In other news, General Counsel Brendan Sheehey sold 8,176 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $4.28, for a total transaction of $34,993.28. Following the sale, the general counsel now owns 517,861 shares of the company’s stock, valued at $2,216,445.08. This trade represents a 1.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of Honest stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $3.50, for a total transaction of $8,050,000.00. Following the transaction, the insider now directly owns 9,869,803 shares of the company’s stock, valued at approximately $34,544,310.50. This trade represents a 18.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,461,187 shares of company stock valued at $8,739,880 over the last 90 days. Insiders own 8.60% of the company’s stock.

Institutional Trading of Honest

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HNST. SG Americas Securities LLC purchased a new stake in shares of Honest during the 1st quarter worth about $93,000. Vanguard Group Inc. raised its holdings in Honest by 10.4% in the 1st quarter. Vanguard Group Inc. now owns 2,851,501 shares of the company’s stock worth $11,549,000 after purchasing an additional 268,600 shares during the period. Acadian Asset Management LLC purchased a new position in Honest during the first quarter worth approximately $359,000. Hillsdale Investment Management Inc. acquired a new stake in Honest in the first quarter valued at approximately $3,777,000. Finally, EntryPoint Capital LLC purchased a new stake in shares of Honest in the first quarter valued at approximately $27,000. 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.