Honest (NASDAQ:HNST) Price Target Cut to $3.00 by Analysts at Morgan Stanley

Honest (NASDAQ:HNST) had its price objective lowered by equities researchers at Morgan Stanley from $4.25 to $3.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 16.50% from the stock’s current price.

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

Honest Trading Down 3.6%

HNST traded down $0.10 during midday trading on Wednesday, hitting $2.58. 1,105,812 shares of the company were exchanged, compared to its average volume of 3,252,660. The company’s 50 day simple moving average is $3.51 and its 200 day simple moving average is $4.22. The firm has a market capitalization of $287.86 million, a price-to-earnings ratio of 43.42 and a beta of 2.28. Honest has a 1-year low of $2.31 and a 1-year high of $8.97.

Honest (NASDAQ:HNST) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.01 earnings per share (EPS) for the quarter, beating 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, equities analysts anticipate that Honest will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Honest

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd boosted its holdings in Honest by 1,392.2% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 7,073 shares of the company’s stock worth $26,000 after buying an additional 6,599 shares during the last quarter. Summit Securities Group LLC raised its holdings in shares of Honest by 6,101.8% during the 1st quarter. Summit Securities Group LLC now owns 6,822 shares of the company’s stock worth $32,000 after acquiring an additional 6,712 shares during the period. Equity Wealth Partners LLC acquired a new position in Honest in the 3rd quarter valued at about $37,000. Strategic Blueprint LLC purchased a new position in Honest in the second quarter worth approximately $52,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Honest by 85,544.4% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 15,416 shares of the company’s stock worth $57,000 after purchasing an additional 15,398 shares during the period. 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.