Bank of New York Mellon Corp Takes $695,000 Position in The Honest Company, Inc. (NASDAQ:HNST)

Bank of New York Mellon Corp purchased a new stake in The Honest Company, Inc. (NASDAQ:HNST) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 237,888 shares of the company’s stock, valued at approximately $695,000. Bank of New York Mellon Corp owned about 0.24% of Honest as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Green Alpha Advisors LLC lifted its position in Honest by 1.3% in the first quarter. Green Alpha Advisors LLC now owns 415,148 shares of the company’s stock valued at $1,681,000 after buying an additional 5,249 shares during the last quarter. EntryPoint Capital LLC acquired a new position in shares of Honest in the 1st quarter worth approximately $27,000. Lazard Asset Management LLC purchased a new position in shares of Honest during the 1st quarter worth approximately $52,000. Virtu Financial LLC increased its holdings in Honest by 57.4% in the 1st quarter. Virtu Financial LLC now owns 36,005 shares of the company’s stock valued at $146,000 after purchasing an additional 13,130 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Honest in the first quarter valued at approximately $93,000. 45.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Honest

In related news, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the stock in a transaction on 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 owns 9,869,803 shares of the company’s stock, valued at $34,544,310.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the business’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 completion of the sale, the insider now owns 9,869,803 shares in the company, valued at $34,544,310.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Brendan Sheehey sold 8,176 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $4.28, for a total transaction of $34,993.28. Following the completion of the transaction, the general counsel now owns 517,861 shares in the company, valued at $2,216,445.08. The disclosure for this sale can be found here. In the last three months, insiders sold 2,531,187 shares of company stock valued at $9,018,480. Insiders own 8.60% of the company’s stock.

Honest Stock Performance

Shares of HNST opened at $3.70 on Monday. The Honest Company, Inc. has a 1 year low of $1.06 and a 1 year high of $4.89. The stock has a market capitalization of $364.96 million, a PE ratio of -16.09 and a beta of 1.90. The stock has a 50-day simple moving average of $3.92 and a 200-day simple moving average of $3.45.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on HNST shares. Loop Capital raised Honest from a “hold” rating to a “buy” rating and set a $3.00 price objective for the company in a research note on Tuesday, June 25th. Northland Capmk raised Honest to a “strong-buy” rating in a research report on Tuesday, August 6th. Northland Securities started coverage on shares of Honest in a research report on Tuesday, August 6th. They set an “outperform” rating and a $6.00 price target on the stock. Finally, B. Riley began coverage on shares of Honest in a research note on Tuesday, September 10th. They issued a “buy” rating and a $6.50 price objective for the company. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.