Honest (NASDAQ:HNST) Sees Large Volume Increase – Should You Buy?

The Honest Company, Inc. (NASDAQ:HNST) shares saw unusually-high trading volume on Monday . Approximately 2,055,468 shares were traded during mid-day trading, an increase of 46% from the previous session’s volume of 1,410,185 shares.The stock last traded at $6.92 and had previously closed at $6.91.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Northland Securities boosted their price target on shares of Honest from $6.50 to $7.50 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. B. Riley increased their target price on Honest from $6.50 to $7.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Northland Capmk raised Honest to a “strong-buy” rating in a report on Tuesday, August 6th. Alliance Global Partners upped their price objective on Honest from $5.75 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Telsey Advisory Group raised their target price on Honest from $4.00 to $6.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 13th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.93.

Honest Trading Up 2.9 %

The company has a market capitalization of $717.83 million, a PE ratio of -172.75 and a beta of 1.85. The company’s 50 day moving average price is $3.96 and its 200-day moving average price is $3.53.

Insider Buying and Selling at Honest

In related news, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of Honest 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 completion of the transaction, the insider now directly owns 9,869,803 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. Also, insider Katherine Barton sold 16,185 shares of the business’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 $69,271.80. Following the completion of the sale, the insider now directly owns 916,820 shares of the company’s stock, valued at approximately $3,923,989.60. This represents a 1.73 % 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 in the last ninety days. Insiders own 8.60% of the company’s stock.

Institutional Trading of Honest

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC raised its stake in Honest by 3.8% during the third quarter. Geode Capital Management LLC now owns 1,811,621 shares of the company’s stock worth $6,468,000 after acquiring an additional 65,995 shares during the period. Barclays PLC raised its position in shares of Honest by 298.9% during the 3rd quarter. Barclays PLC now owns 110,386 shares of the company’s stock worth $394,000 after purchasing an additional 82,713 shares during the period. XTX Topco Ltd raised its position in shares of Honest by 14.2% during the 3rd quarter. XTX Topco Ltd now owns 157,363 shares of the company’s stock worth $562,000 after purchasing an additional 19,566 shares during the period. Zacks Investment Management bought a new stake in shares of Honest in the 3rd quarter worth approximately $37,000. Finally, Wexford Capital LP boosted its position in Honest by 27.5% during the 3rd quarter. Wexford Capital LP now owns 152,538 shares of the company’s stock valued at $545,000 after purchasing an additional 32,865 shares during the period. 45.54% of the stock is owned by institutional investors and hedge funds.

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.