Honest (NASDAQ:HNST) Stock Price Expected to Rise, Alliance Global Partners Analyst Says

Honest (NASDAQ:HNST) had its price target upped by equities researchers at Alliance Global Partners from $5.75 to $8.00 in a research report issued on Wednesday, Marketbeat reports. The firm currently has a “buy” rating on the stock. Alliance Global Partners’ target price indicates a potential upside of 23.08% from the company’s current price.

Several other equities research analysts have also issued reports on HNST. B. Riley initiated coverage on shares of Honest in a research report on Tuesday, September 10th. They issued a “buy” rating and a $6.50 price objective for the company. Northland Securities began coverage on Honest in a report on Tuesday, August 6th. They issued an “outperform” rating and a $6.00 price target for the company. Finally, Northland Capmk raised Honest to a “strong-buy” rating in a research report on Tuesday, August 6th. Two research 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 company’s stock. According to MarketBeat.com, Honest currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.93.

Honest Price Performance

NASDAQ HNST opened at $6.50 on Wednesday. The business’s 50-day simple moving average is $3.91 and its 200-day simple moving average is $3.49. The firm has a market capitalization of $650.52 million, a P/E ratio of -162.50 and a beta of 1.85. Honest has a 1-year low of $1.40 and a 1-year high of $6.77.

Insiders Place Their Bets

In other Honest news, CFO David Loretta sold 75,656 shares of Honest stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $4.28, for a total transaction of $323,807.68. Following the sale, the chief financial officer now directly owns 987,757 shares in the company, valued at $4,227,599.96. The trade was a 7.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Carla Vernon sold 52,751 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 value of $225,774.28. Following the transaction, the chief executive officer now owns 2,828,319 shares of the company’s stock, valued at approximately $12,105,205.32. This trade represents a 1.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,461,187 shares of company stock worth $8,739,880 in the last quarter. 8.60% of the stock is owned by corporate insiders.

Institutional Trading of Honest

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. EntryPoint Capital LLC acquired a new position in Honest during the 1st quarter worth $27,000. Creative Planning bought a new position in shares of Honest during the third quarter worth about $39,000. Wealth Enhancement Advisory Services LLC acquired a new position in Honest in the third quarter worth about $40,000. Panagora Asset Management Inc. bought a new stake in Honest in the second quarter valued at about $43,000. Finally, Lazard Asset Management LLC acquired a new stake in Honest during the first quarter valued at approximately $52,000. Institutional investors own 45.54% of the company’s stock.

Honest Company Profile

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.