The Honest Company, Inc. (NASDAQ:HNST) Major Shareholder Sells $8,050,000.00 in Stock

The Honest Company, Inc. (NASDAQ:HNST) major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of Honest stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $3.50, for a total transaction of $8,050,000.00. Following the sale, the insider now directly owns 9,869,803 shares in the company, valued at approximately $34,544,310.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Honest Stock Performance

HNST opened at $3.70 on Monday. The Honest Company, Inc. has a 1-year low of $1.06 and a 1-year high of $4.89. The company has a 50-day moving average of $3.92 and a 200-day moving average of $3.45. The company has a market capitalization of $364.96 million, a P/E ratio of -16.09 and a beta of 1.90.

Honest (NASDAQ:HNST) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.04) EPS for the quarter, meeting the consensus estimate of ($0.04). Honest had a negative net margin of 3.50% and a negative return on equity of 10.00%. The business had revenue of $93.05 million during the quarter, compared to analyst estimates of $87.63 million. During the same period in the previous year, the business posted ($0.14) EPS. As a group, sell-side analysts expect that The Honest Company, Inc. will post -0.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on HNST. B. Riley began coverage on shares of Honest in a research note on Tuesday, September 10th. They set a “buy” rating and a $6.50 price target on the stock. Northland Securities initiated coverage on shares of Honest in a research note on Tuesday, August 6th. They set an “outperform” rating and a $6.00 price target on the stock. Loop Capital raised shares of Honest from a “hold” rating to a “buy” rating and set a $3.00 target price for the company in a research report on Tuesday, June 25th. Finally, Northland Capmk raised shares of Honest to a “strong-buy” rating in a research report on Tuesday, August 6th. Two equities research 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’s stock. According to MarketBeat, Honest has an average rating of “Moderate Buy” and an average price target of $5.04.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Hillsdale Investment Management Inc. acquired a new position in shares of Honest in the 1st quarter valued at about $3,777,000. Vanguard Group Inc. boosted its stake in Honest by 10.4% during the 1st quarter. Vanguard Group Inc. now owns 2,851,501 shares of the company’s stock valued at $11,549,000 after purchasing an additional 268,600 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in Honest by 973.4% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 430,090 shares of the company’s stock valued at $1,742,000 after purchasing an additional 390,022 shares during the period. EntryPoint Capital LLC acquired a new position in Honest during the 1st quarter valued at about $27,000. Finally, Acadian Asset Management LLC boosted its stake 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. 45.54% of the stock is owned by institutional investors and hedge funds.

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.