Acadian Asset Management LLC Trims Stake in The Honest Company, Inc. $HNST

Acadian Asset Management LLC lessened its holdings in shares of The Honest Company, Inc. (NASDAQ:HNST) by 51.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 694,265 shares of the company’s stock after selling 734,188 shares during the quarter. Acadian Asset Management LLC owned approximately 0.63% of Honest worth $3,532,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Summit Securities Group LLC raised its holdings in Honest by 6,101.8% in the 1st quarter. Summit Securities Group LLC now owns 6,822 shares of the company’s stock worth $32,000 after purchasing an additional 6,712 shares during the period. Strategic Blueprint LLC bought a new stake in Honest during the second quarter valued at about $52,000. Ethos Financial Group LLC purchased a new stake in Honest in the second quarter worth about $62,000. DRW Securities LLC bought a new position in shares of Honest in the first quarter worth about $58,000. Finally, Aigen Investment Management LP bought a new position in shares of Honest in the first quarter worth about $64,000. Institutional investors own 45.54% of the company’s stock.

Insider Buying and Selling

In other news, insider Stephen Winchell sold 10,841 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $3.65, for a total transaction of $39,569.65. Following the sale, the insider directly owned 410,257 shares of the company’s stock, valued at $1,497,438.05. This represents a 2.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Brendan Sheehey sold 12,059 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $3.65, for a total value of $44,015.35. Following the transaction, the general counsel owned 568,588 shares of the company’s stock, valued at $2,075,346.20. This represents a 2.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 131,890 shares of company stock worth $481,399. Corporate insiders own 8.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Telsey Advisory Group reduced their target price on shares of Honest from $6.00 to $3.00 and set a “market perform” rating for the company in a report on Thursday, November 6th. Weiss Ratings lowered shares of Honest from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. B. Riley reissued a “buy” rating on shares of Honest 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 note on Thursday, November 6th. Finally, Morgan Stanley dropped their target price on shares of Honest from $5.50 to $4.25 and set an “equal weight” rating for the company in a report on Friday, August 15th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $5.35.

Honest Stock Performance

Shares of NASDAQ:HNST opened at $2.58 on Friday. The firm has a market cap of $288.42 million, a price-to-earnings ratio of 43.00 and a beta of 2.28. The firm has a fifty day moving average price of $3.57 and a 200 day moving average price of $4.26. The Honest Company, Inc. has a fifty-two week low of $2.31 and a fifty-two week high of $8.97.

Honest (NASDAQ:HNST) last announced its quarterly 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 net margin of 1.85% and a return on equity of 3.86%. The business had revenue of $92.57 million for the quarter, compared to analysts’ expectations of $99.43 million. Honest has set its FY 2025 guidance at EPS. As a group, research analysts predict that The Honest Company, Inc. will post -0.07 earnings per share for the current year.

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.