Insider Selling: The Honest Company, Inc. (NASDAQ:HNST) Major Shareholder Sells 2,300,000 Shares of 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 owns 9,869,803 shares in the company, valued at $34,544,310.50. The sale was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Honest Stock Performance

Honest stock traded down $0.03 during midday trading on Friday, hitting $3.70. 1,848,137 shares of the company’s stock were exchanged, compared to its average volume of 1,123,835. The Honest Company, Inc. has a 12-month low of $1.06 and a 12-month high of $4.89. The stock has a market cap of $364.96 million, a price-to-earnings ratio of -16.09 and a beta of 1.90. The firm’s 50 day simple moving average is $3.91 and its 200 day simple moving average is $3.44.

Honest (NASDAQ:HNST) last issued its earnings results on Thursday, August 8th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). The business had revenue of $93.05 million for the quarter, compared to the consensus estimate of $87.63 million. Honest had a negative net margin of 3.50% and a negative return on equity of 10.00%. During the same quarter in the previous year, the firm earned ($0.14) earnings per share. On average, equities research analysts forecast that The Honest Company, Inc. will post -0.1 EPS for the current fiscal year.

Institutional Trading of Honest

Hedge funds and other institutional investors have recently made changes to their positions in the company. EntryPoint Capital LLC purchased a new stake in shares of Honest in the first quarter valued at about $27,000. Lazard Asset Management LLC purchased a new stake in shares of Honest in the first quarter valued at about $52,000. Panagora Asset Management Inc. purchased a new stake in shares of Honest in the second quarter valued at about $43,000. SG Americas Securities LLC acquired a new stake in shares of Honest in the first quarter valued at about $93,000. Finally, Cannon Global Investment Management LLC acquired a new stake in shares of Honest in the first quarter valued at about $122,000. Hedge funds and other institutional investors own 45.54% of the company’s stock.

Wall Street Analysts Forecast Growth

HNST has been the topic of several research analyst reports. 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 upgraded shares of Honest from a “hold” rating to a “buy” rating and set a $3.00 price target on the stock in a research note on Tuesday, June 25th. Northland Capmk upgraded shares of Honest to a “strong-buy” rating in a research note on Tuesday, August 6th. Finally, B. Riley began coverage on shares of Honest in a research report on Tuesday, September 10th. They set a “buy” rating and a $6.50 price objective on the stock. 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.04.

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.