Brendan Sheehey, General Counsel at Honest Company , Inc. (NASDAQ:HNST), recently executed a series of stock transactions, according to a recent SEC filing. On November 27, Sheehey sold a total of 92,138 shares of Honest Company stock, amounting to approximately $748,817. The shares were sold at prices ranging from $8.10 to $8.15. According to InvestingPro data, HNST shares have shown remarkable momentum, delivering a 299% return over the past year, with the stock currently trading near $8.29.
In addition to the sales, Sheehey exercised options to acquire 100,000 shares at a price of $5.66 each, totaling $566,000. Following these transactions, Sheehey's direct ownership stands at 516,816 shares.
These transactions were part of Sheehey's ongoing involvement with the company, where he holds a significant role as General Counsel.
In other recent news, The Honest Co. has been making notable strides in the financial sector. The company reported a record third-quarter revenue of $99 million, marking a 15% increase year-over-year, and an expanded gross margin of 39%. This is the fourth consecutive quarter of positive results, with adjusted EBITDA reaching $7 million.
Lake Street Capital Markets raised the price target for The Honest Co. shares to $7.00, maintaining a Buy rating due to the company's strong quarterly performance. Loop Capital also increased the stock target by 40% to $7.00, while Telsey Advisory Group boosted its price target to $6.00 but retained a Market Perform rating.
The Honest Co.'s recent success was highlighted by a 9.3% growth in channel consumption, outpacing the industry's decline. The company's ability to gain market share and improve margins contributed to these positive developments. The Honest Co. ended the quarter in a robust financial position with $53 million in cash and no debt, positioning it well for future growth.
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