Honest (NASDAQ:HNST) Stock Price Expected to Rise, Telsey Advisory Group Analyst Says

Honest (NASDAQ:HNST) had its target price upped by Telsey Advisory Group from $4.00 to $6.00 in a research report sent to investors on Wednesday, MarketBeat reports. They currently have a market perform rating on the stock. Telsey Advisory Group also issued estimates for Honest’s FY2024 earnings at ($0.07) EPS and FY2025 earnings at $0.00 EPS.

HNST has been the subject of several other reports. B. Riley began coverage on Honest in a research note on Tuesday, September 10th. They set a “buy” rating and a $6.50 price objective for the company. Northland Capmk raised Honest to a “strong-buy” rating in a research note on Tuesday, August 6th. Northland Securities increased their target price on Honest from $6.50 to $7.50 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Alliance Global Partners increased their target price on Honest from $5.75 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $5.93.

Honest Stock Performance

Honest stock opened at $6.91 on Wednesday. Honest has a fifty-two week low of $1.40 and a fifty-two week high of $7.14. The company has a market capitalization of $697.64 million, a P/E ratio of -172.75 and a beta of 1.85. The stock has a 50-day simple moving average of $3.96 and a 200-day simple moving average of $3.52.

Insiders Place Their Bets

In other Honest news, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $3.50, for a total value of $8,050,000.00. Following the transaction, the insider now directly owns 9,869,803 shares of the company’s stock, valued at $34,544,310.50. This trade represents a 18.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO David Loretta sold 75,656 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $4.28, for a total value of $323,807.68. Following the completion of the transaction, the chief financial officer now directly owns 987,757 shares in the company, valued at $4,227,599.96. This trade represents a 7.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,461,187 shares of company stock valued at $8,739,880 in the last quarter. 8.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC purchased a new position in Honest in the first quarter valued at about $27,000. Zacks Investment Management purchased a new position in Honest in the third quarter valued at about $37,000. Creative Planning purchased a new position in Honest in the third quarter valued at about $39,000. Wealth Enhancement Advisory Services LLC purchased a new position in Honest in the third quarter valued at about $40,000. Finally, Panagora Asset Management Inc. purchased a new position in Honest in the second quarter valued at about $43,000. 45.54% of the stock is owned by hedge funds and other institutional investors.

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.