Connor Clark & Lunn Investment Management Ltd. Trims Stock Holdings in The Honest Company, Inc. $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. lowered its stake in The Honest Company, Inc. (NASDAQ:HNST - Free Report) by 57.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 303,607 shares of the company's stock after selling 416,264 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.28% of Honest worth $1,427,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bailard Inc. bought a new stake in Honest in the 1st quarter valued at about $78,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Honest by 57.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 17,757 shares of the company's stock valued at $83,000 after purchasing an additional 6,513 shares during the period. Utah Retirement Systems bought a new stake in Honest in the 4th quarter valued at about $86,000. Cerity Partners LLC bought a new stake in Honest in the 1st quarter valued at about $90,000. Finally, Walleye Trading LLC bought a new stake in Honest in the 4th quarter valued at about $109,000. Institutional investors and hedge funds own 45.54% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on HNST shares. Telsey Advisory Group cut their price objective on shares of Honest from $7.00 to $6.00 and set a "market perform" rating for the company in a report on Thursday, August 7th. Morgan Stanley cut their price objective 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. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $6.96.

Honest Trading Up 0.5%

Honest stock traded up $0.02 during mid-day trading on Thursday, reaching $3.68. The company had a trading volume of 2,932,411 shares, compared to its average volume of 4,847,565. The Honest Company, Inc. has a fifty-two week low of $3.32 and a fifty-two week high of $8.97. The company has a market cap of $409.47 million, a P/E ratio of 73.61 and a beta of 2.34. The business has a fifty day simple moving average of $4.54 and a 200 day simple moving average of $4.88.

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

Insider Transactions at Honest

In other Honest news, insider Stephen Winchell sold 10,841 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $3.65, for a total value of $39,569.65. Following the completion of the sale, the insider directly owned 410,257 shares in the company, valued at approximately $1,497,438.05. This trade represents a 2.57% 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, General Counsel Brendan Sheehey sold 12,059 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $3.65, for a total transaction of $44,015.35. Following the completion of the transaction, the general counsel directly owned 568,588 shares in the company, valued at $2,075,346.20. This trade represents a 2.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 131,890 shares of company stock worth $481,399 over the last three months. 8.90% of the stock is owned by company insiders.

Honest 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.