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Is Honest Co. a Buy After Reporting Better Than Expected Sales Results? -Breaking

by Mike Robinson

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© Reuters. Is Honest Co. a Buy After Reporting Better Than Expected Sales Results?

The Honest Company, a consumer goods firm (HNST), reported higher-than-expected third-quarter sales and is focusing more on sustainability packaging. Is that enough to make the company thrive in a world of ongoing supply chain problems? Let’s find out.The Los Angeles-based Honest Company, Inc. (HNST) is a Jessica Alba-backed sustainable products-focused consumer goods concern that made an impressive stock market debut on May 5, 2021. The shares rose in value to reach a 52-week high price of $23.88, on the first trading day. The company also announced in July 2021 a new sustainability packaging program for Honest Beauty. It features 100 percent recyclable cartons made of 100% recycled sugarcane waste products.

On November 11, the stock price surged after the company exceeded its third-quarter consensus sales forecast by 2.7%. However, it has lost 36.8% over the past six months to close yesterday’s trading session at $9.53.

HNST’s digital sales fell 11% year-over-year to $39.11 million in the third quarter, and its losses increased significantly. The company’s future prospects for the near term are bleak due to ongoing supply chain challenges.

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