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

Honest (NASDAQ:HNST) had its target price raised by investment analysts at Telsey Advisory Group from $4.00 to $6.00 in a research note issued on Wednesday, MarketBeat.com reports. The firm currently has a “market perform” rating on the stock. Telsey Advisory Group’s target price indicates a potential downside of 7.69% from the company’s previous close.

Other analysts have also recently issued reports about the company. Alliance Global Partners boosted their price target on 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. Northland Securities raised their price target on shares of Honest from $6.50 to $7.50 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, B. Riley initiated coverage on shares of Honest in a research note on Tuesday, September 10th. They set a “buy” rating and a $6.50 price objective for the company. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Honest presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.93.

Honest Trading Up 8.2 %

NASDAQ:HNST opened at $6.50 on Wednesday. The stock has a 50 day moving average of $3.91 and a two-hundred day moving average of $3.49. Honest has a 12 month low of $1.40 and a 12 month high of $6.77. The firm has a market cap of $650.52 million, a P/E ratio of -162.50 and a beta of 1.85.

Insider Buying and Selling

In other news, CFO David Loretta sold 75,656 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 value of $323,807.68. Following the completion of the transaction, the chief financial officer now owns 987,757 shares of the company’s stock, valued at approximately $4,227,599.96. This trade represents a 7.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the company’s stock in a transaction that occurred 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 trade was a 18.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,461,187 shares of company stock valued at $8,739,880. Company insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On Honest

Several institutional investors have recently modified their holdings of HNST. Hillsdale Investment Management Inc. acquired a new stake in shares of Honest in the first quarter valued at $3,777,000. Renaissance Technologies LLC raised its position in Honest by 117.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,568,000 shares of the company’s stock valued at $4,579,000 after purchasing an additional 846,300 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of Honest by 706.1% in the 2nd quarter. Acadian Asset Management LLC now owns 716,332 shares of the company’s stock valued at $2,088,000 after buying an additional 627,464 shares during the period. Jacobs Levy Equity Management Inc. grew its position in shares of Honest by 973.4% during the first quarter. Jacobs Levy Equity Management Inc. now owns 430,090 shares of the company’s stock worth $1,742,000 after buying an additional 390,022 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Honest by 68.1% during the second quarter. Dimensional Fund Advisors LP now owns 943,618 shares of the company’s stock worth $2,755,000 after buying an additional 382,418 shares during the period. 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.