B. Riley Boosts Honest (NASDAQ:HNST) Price Target to $7.00

Honest (NASDAQ:HNST) had its price target hoisted by analysts at B. Riley from $6.50 to $7.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price objective indicates a potential upside of 17.06% from the company’s previous close.

A number of other brokerages also recently commented on HNST. Northland Securities upped their target price on Honest from $6.50 to $7.50 and gave the stock an “outperform” rating in a research note on Wednesday. Northland Capmk upgraded Honest to a “strong-buy” rating in a research report on Tuesday, August 6th. Alliance Global Partners lifted their price objective on shares of Honest from $5.75 to $8.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Telsey Advisory Group upped their price target on Honest from $4.00 to $6.00 and gave the stock a “market perform” rating in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Honest currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.93.

Honest Stock Up 24.6 %

Shares of NASDAQ:HNST traded up $1.18 during midday trading on Wednesday, reaching $5.98. The company’s stock had a trading volume of 11,646,532 shares, compared to its average volume of 1,332,583. The firm has a market capitalization of $598.48 million, a PE ratio of -151.00 and a beta of 1.85. The stock has a fifty day moving average of $3.82 and a 200 day moving average of $3.45. Honest has a twelve month low of $1.39 and a twelve month high of $6.53.

Insider Activity at Honest

In other news, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $3.50, for a total value of $8,050,000.00. Following the transaction, the insider now directly owns 9,869,803 shares of the company’s stock, valued at approximately $34,544,310.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Honest news, CFO David Loretta sold 75,656 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now owns 987,757 shares of the company’s stock, valued at approximately $4,227,599.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Shared Abacus Lp Thc sold 2,300,000 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were 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 owns 9,869,803 shares of the company’s stock, valued at approximately $34,544,310.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,461,187 shares of company stock valued at $8,739,880. 8.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

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