Honest (NASDAQ:HNST) Trading Down 5.3% – Time to Sell?

The Honest Company, Inc. (NASDAQ:HNST) dropped 5.3% on Wednesday . The company traded as low as $7.13 and last traded at $7.15. Approximately 1,169,200 shares changed hands during trading, a decline of 26% from the average daily volume of 1,590,511 shares. The stock had previously closed at $7.55.

Analysts Set New Price Targets

HNST has been the topic of several research analyst reports. Telsey Advisory Group boosted their price objective on shares of Honest from $4.00 to $6.00 and gave the company a “market perform” rating in a report on Wednesday, November 13th. Northland Securities boosted their price target on shares of Honest from $7.50 to $9.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. B. Riley upped their price objective on shares of Honest from $6.50 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Alliance Global Partners lifted their target price on shares of Honest from $5.75 to $8.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Honest has a consensus rating of “Moderate Buy” and an average price target of $6.21.

Honest Trading Down 2.6 %

The firm’s fifty day simple moving average is $5.40 and its 200 day simple moving average is $4.13. The company has a market cap of $742.06 million, a price-to-earnings ratio of -188.75 and a beta of 2.40.

Insider Buying and Selling at Honest

In other news, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the business’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 completion of the sale, the insider now directly owns 9,869,803 shares of the company’s stock, valued at approximately $34,544,310.50. The trade was a 18.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stephen Winchell sold 7,123 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $7.10, for a total value of $50,573.30. Following the transaction, the executive vice president now owns 382,613 shares in the company, valued at $2,716,552.30. This represents a 1.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,634,818 shares of company stock worth $10,514,671 over the last ninety days. Corporate insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On Honest

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HNST. Zacks Investment Management purchased a new stake in Honest in the 3rd quarter valued at $37,000. Creative Planning purchased a new stake in shares of Honest in the third quarter valued at about $39,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Honest during the third quarter worth about $40,000. Panagora Asset Management Inc. purchased a new position in shares of Honest during the second quarter worth about $43,000. Finally, Castleview Partners LLC purchased a new position in shares of Honest during the third quarter worth about $71,000. Hedge funds and other institutional investors 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.