Morgan Stanley Cuts Honest (NASDAQ:HNST) Price Target to $3.00

Honest (NASDAQ:HNST) had its price target cut by Morgan Stanley from $4.25 to $3.00 in a research note published on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts have also recently weighed in on the stock. B. Riley restated a “buy” rating on shares of Honest in a research report on Thursday, November 6th. Lake Street Capital cut shares of Honest from a “buy” rating to a “hold” rating and set a $3.00 price target for the company. in a research note on Thursday, November 6th. Zacks Research cut shares of Honest from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Telsey Advisory Group reduced their target price on Honest from $6.00 to $3.00 and set a “market perform” rating on the stock in a research note on Thursday, November 6th. Finally, Weiss Ratings lowered Honest from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $5.10.

Honest Price Performance

NASDAQ HNST opened at $2.52 on Wednesday. Honest has a 1 year low of $2.31 and a 1 year high of $8.97. The stock has a market capitalization of $281.71 million, a PE ratio of 42.00 and a beta of 2.28. The company’s 50 day simple moving average is $3.43 and its two-hundred day simple moving average is $4.18.

Honest (NASDAQ:HNST) last posted its earnings results on Wednesday, November 5th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.02. Honest had a return on equity of 3.86% and a net margin of 1.85%.The business had revenue of $92.57 million during the quarter, compared to analysts’ expectations of $99.43 million. Honest has set its FY 2025 guidance at EPS. On average, research analysts anticipate that Honest will post -0.07 EPS for the current year.

Insider Activity at Honest

In other news, insider Stephen Winchell sold 10,595 shares of the stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $2.60, for a total transaction of $27,547.00. Following the completion of the sale, the insider owned 399,662 shares of the company’s stock, valued at approximately $1,039,121.20. This represents a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Carla Vernon sold 97,505 shares of Honest stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $2.60, for a total transaction of $253,513.00. Following the completion of the transaction, the chief executive officer directly owned 2,901,488 shares in the company, valued at approximately $7,543,868.80. The trade was a 3.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 8.90% of the company’s stock.

Institutional Investors Weigh In On Honest

Several institutional investors and hedge funds have recently modified their holdings of HNST. Caitong International Asset Management Co. Ltd boosted its position in Honest by 1,392.2% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 7,073 shares of the company’s stock valued at $26,000 after acquiring an additional 6,599 shares in the last quarter. Summit Securities Group LLC lifted its position in Honest by 6,101.8% in the 1st quarter. Summit Securities Group LLC now owns 6,822 shares of the company’s stock valued at $32,000 after acquiring an additional 6,712 shares in the last quarter. Equity Wealth Partners LLC purchased a new stake in shares of Honest during the third quarter valued at $37,000. CIBC Bancorp USA Inc. bought a new stake in shares of Honest in the third quarter worth approximately $39,000. Finally, Strategic Blueprint LLC purchased a new stake in Honest during the 2nd quarter valued at $52,000. 45.54% of the stock is owned by hedge funds and other institutional investors.

About Honest

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.