Connor Clark & Lunn Investment Management Ltd. Sells 416,264 Shares of The Honest Company, Inc. (NASDAQ:HNST)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in The Honest Company by 57.8%, selling 416,264 shares and now holding 303,607 shares, valued at approximately $1.43 million.
• Several other institutional investors have increased their holdings in The Honest Company, with D. E. Shaw & Co. boosting its position by 589.7%, now owning over 2.39 million shares.
• The Honest Company's stock has a market capitalization of $426.16 million, with a current price of $3.83, and analysts have a mixed outlook with an average price target of $6.96.

Connor Clark & Lunn Investment Management Ltd. cut its position in shares of The Honest Company, Inc. (NASDAQ:HNST - Free Report) by 57.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 303,607 shares of the company's stock after selling 416,264 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.28% of Honest worth $1,427,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of HNST. D. E. Shaw & Co. Inc. increased its position in shares of Honest by 589.7% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,397,636 shares of the company's stock valued at $16,616,000 after purchasing an additional 2,049,981 shares during the period. Victory Capital Management Inc. increased its position in shares of Honest by 98.8% during the first quarter. Victory Capital Management Inc. now owns 3,073,471 shares of the company's stock valued at $14,445,000 after purchasing an additional 1,527,080 shares during the period. Nuveen Asset Management LLC increased its position in shares of Honest by 103.5% during the fourth quarter. Nuveen Asset Management LLC now owns 2,046,868 shares of the company's stock valued at $14,185,000 after purchasing an additional 1,041,040 shares during the period. Invesco Ltd. increased its position in shares of Honest by 2,035.9% during the fourth quarter. Invesco Ltd. now owns 779,998 shares of the company's stock valued at $5,405,000 after purchasing an additional 743,479 shares during the period. Finally, Tudor Investment Corp ET AL bought a new stake in shares of Honest during the fourth quarter valued at approximately $4,176,000. 45.54% of the stock is currently owned by institutional investors.

Honest Price Performance

Shares of NASDAQ:HNST opened at $3.83 on Friday. The business's fifty day moving average price is $4.63 and its two-hundred day moving average price is $4.96. The Honest Company, Inc. has a fifty-two week low of $3.32 and a fifty-two week high of $8.97. The stock has a market capitalization of $426.16 million, a price-to-earnings ratio of 76.62 and a beta of 2.34.

Honest (NASDAQ:HNST - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.02). Honest had a net margin of 1.66% and a return on equity of 3.84%. The company had revenue of $93.46 million during the quarter, compared to the consensus estimate of $92.18 million. Research analysts expect that The Honest Company, Inc. will post -0.07 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on HNST shares. Telsey Advisory Group lowered their price objective on Honest from $7.00 to $6.00 and set a "market perform" rating on the stock in a research report on Thursday, August 7th. Morgan Stanley lowered their price target on Honest from $5.50 to $4.25 and set an "equal weight" rating on the stock in a research report on Friday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Honest has an average rating of "Moderate Buy" and an average price target of $6.96.

Insider Buying and Selling

In other Honest news, insider Dorria L. Ball sold 4,836 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $5.32, for a total value of $25,727.52. Following the transaction, the insider owned 272,247 shares of the company's stock, valued at approximately $1,448,354.04. The trade was a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO David Loretta sold 34,389 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $5.32, for a total value of $182,949.48. Following the completion of the transaction, the chief financial officer directly owned 883,153 shares in the company, valued at approximately $4,698,373.96. This represents a 3.75% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 165,726 shares of company stock valued at $881,662. Insiders own 8.90% of the company's stock.

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.

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