Honest (NASDAQ:HNST) Reaches New 52-Week High – Still a Buy?

The Honest Company, Inc. (NASDAQ:HNST)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $7.47 and last traded at $7.45, with a volume of 1902216 shares. The stock had previously closed at $7.20.

Analysts Set New Price Targets

A number of equities analysts have commented on HNST shares. Alliance Global Partners raised their price objective on Honest from $5.75 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Northland Securities boosted their price target on Honest from $6.50 to $7.50 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. 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 research report on Wednesday, November 13th. Telsey Advisory Group raised their target price 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. Finally, Northland Capmk raised shares of Honest to a “strong-buy” rating in a report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Honest presently has a consensus rating of “Moderate Buy” and an average target price of $5.93.

Honest Price Performance

The company’s 50 day moving average is $4.16 and its 200 day moving average is $3.61.

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 on Wednesday, September 18th. The shares were sold at an average price of $3.50, for a total transaction of $8,050,000.00. Following the completion of the transaction, the insider now owns 9,869,803 shares of the company’s stock, valued at approximately $34,544,310.50. This trade represents a 18.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stephen Winchell sold 7,123 shares of Honest stock in a transaction dated 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 directly owns 382,613 shares in the company, valued at $2,716,552.30. The trade was a 1.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,517,680 shares of company stock valued at $9,585,839 in the last 90 days. 8.60% of the stock is owned by corporate insiders.

Institutional Trading of Honest

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EntryPoint Capital LLC acquired a new stake in shares of Honest in the 1st quarter worth about $27,000. Zacks Investment Management bought a new position in Honest during the 3rd quarter valued at $37,000. Creative Planning purchased a new position in Honest during the 3rd quarter worth $39,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Honest in the 3rd quarter worth $40,000. Finally, Panagora Asset Management Inc. purchased a new stake in shares of Honest in the second quarter valued at about $43,000. 45.54% of the stock is owned by institutional investors.

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.