Honest (NASDAQ:HNST) Cut to Sell at Wall Street Zen
by Renee Jackson · The Cerbat GemWall Street Zen lowered shares of Honest (NASDAQ:HNST – Free Report) from a hold rating to a sell rating in a report released on Saturday.
HNST has been the topic of several other reports. Zacks Research raised shares of Honest from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 26th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Honest in a research report on Thursday, January 22nd. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Honest in a research report on Friday, January 16th. Morgan Stanley set a $3.00 price target on shares of Honest in a research report on Wednesday, March 4th. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $3.00 price target on shares of Honest in a research report on Thursday, February 26th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Honest presently has an average rating of “Reduce” and a consensus target price of $3.00.
Check Out Our Latest Analysis on HNST
Honest Trading Down 1.4%
NASDAQ HNST opened at $2.78 on Friday. The firm’s fifty day moving average price is $2.58 and its two-hundred day moving average price is $2.87. Honest has a 1 year low of $2.07 and a 1 year high of $5.55. The firm has a market capitalization of $312.67 million, a P/E ratio of -19.86 and a beta of 2.16.
Honest (NASDAQ:HNST – Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.23). Honest had a positive return on equity of 4.57% and a negative net margin of 4.22%.The firm had revenue of $88.04 million for the quarter, compared to the consensus estimate of $88.57 million. On average, research analysts anticipate that Honest will post -0.07 EPS for the current fiscal year.
Honest declared that its Board of Directors has authorized a stock buyback plan on Friday, February 20th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Insider Buying and Selling
In other news, insider Dorria L. Ball sold 15,099 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $2.85, for a total value of $43,032.15. Following the transaction, the insider directly owned 432,295 shares of the company’s stock, valued at $1,232,040.75. This represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Carla Vernon sold 129,335 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $2.85, for a total transaction of $368,604.75. Following the completion of the transaction, the chief executive officer directly owned 4,065,546 shares in the company, valued at $11,586,806.10. The trade was a 3.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 191,894 shares of company stock valued at $546,898. 8.90% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Honest
Several large investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Honest by 6.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,916 shares of the company’s stock valued at $235,000 after purchasing an additional 3,210 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Honest by 18.7% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 21,366 shares of the company’s stock valued at $81,000 after purchasing an additional 3,365 shares during the period. Osaic Holdings Inc. raised its position in shares of Honest by 33.9% in the second quarter. Osaic Holdings Inc. now owns 14,577 shares of the company’s stock valued at $74,000 after purchasing an additional 3,693 shares during the period. CWM LLC raised its position in shares of Honest by 17.1% in the third quarter. CWM LLC now owns 27,342 shares of the company’s stock valued at $101,000 after purchasing an additional 3,985 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Honest by 14.9% in the second quarter. The Manufacturers Life Insurance Company now owns 33,734 shares of the company’s stock valued at $172,000 after acquiring an additional 4,378 shares in the last quarter. 45.54% of the stock is owned by institutional investors.
About Honest
The Honest Company, Inc (NASDAQ: HNST) is an American consumer goods firm specializing in eco-friendly and responsibly formulated products for babies, personal care, beauty and home cleaning. The company emphasizes transparency in ingredient sourcing and product safety, positioning itself in the premium segment of mass-market retail and direct-to-consumer channels.
Honest was founded in 2011 by actress Jessica Alba and environmental health advocate Christopher Gavigan with a mission to offer parents household and baby care items free from harsh chemicals and synthetic fragrances.