Honest (NASDAQ:HNST) Upgraded by Wall Street Zen to “Hold” Rating

Honest (NASDAQ:HNST) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Sunday.

HNST has been the topic of several other research reports. Zacks Research lowered shares of Honest from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 25th. Telsey Advisory Group reiterated a “market perform” rating and issued a $3.00 price objective on shares of Honest in a research report on Thursday, February 26th. Morgan Stanley set a $3.00 target price on Honest in a research note on Wednesday, March 4th. Weiss Ratings restated a “sell (d+)” rating on shares of Honest in a research report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Honest in a research note on Friday, January 16th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $3.00.

Honest Trading Up 0.4%

Shares of HNST opened at $2.74 on Friday. Honest has a 12-month low of $2.07 and a 12-month high of $5.55. The firm has a market capitalization of $308.17 million, a P/E ratio of -19.57 and a beta of 2.27. The firm has a 50-day moving average price of $2.50 and a 200 day moving average price of $3.01.

Honest (NASDAQ:HNST) last issued its earnings results on Wednesday, February 25th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.23). The firm had revenue of $88.04 million for the quarter, compared to analysts’ expectations of $88.57 million. Honest had a positive return on equity of 4.57% and a negative net margin of 4.22%. Equities research analysts predict that Honest will post -0.07 earnings per share for the current fiscal year.

Honest announced that its board has initiated a share repurchase plan on Friday, February 20th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Honest

In related news, insider Dorria L. Ball sold 15,099 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $2.85, for a total transaction of $43,032.15. Following the completion of the transaction, the insider owned 432,295 shares of the company’s stock, valued at approximately $1,232,040.75. This trade represents a 3.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Brendan Sheehey sold 22,556 shares of Honest stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $2.85, for a total transaction of $64,284.60. Following the completion of the sale, the general counsel owned 725,672 shares of the company’s stock, valued at $2,068,165.20. This trade represents a 3.01% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 191,894 shares of company stock worth $546,898. 8.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Honest

Institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Honest by 6.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,916 shares of the company’s stock valued at $235,000 after buying an additional 3,210 shares during the period. Millennium Management LLC boosted its holdings in Honest by 16.4% during the 1st quarter. Millennium Management LLC now owns 1,936,846 shares of the company’s stock valued at $9,103,000 after acquiring an additional 272,765 shares during the period. Goldman Sachs Group Inc. grew its position in Honest by 18.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,064,179 shares of the company’s stock valued at $5,002,000 after acquiring an additional 163,380 shares in the last quarter. Geode Capital Management LLC increased its stake in Honest by 10.5% during the second quarter. Geode Capital Management LLC now owns 2,068,945 shares of the company’s stock worth $10,532,000 after purchasing an additional 196,218 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey increased its stake in Honest by 36.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 21,942 shares of the company’s stock worth $112,000 after purchasing an additional 5,840 shares during the period. 45.54% of the stock is owned by institutional investors and hedge funds.

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.