Honest Company ( NASDAQ: HNST ) rallied in Wednesday afternoon trading after industry data is reported to have shown an improvement for the brand in sequential four-week sales trends.
Shares of HNST climbed back over $4 with a 7.75% push higher. The 52-week trading range for the stock has been $2.55 to $11.65. The IPO for the Jessica Alab-founded company was priced back in May of 2021 at $16 per share.
Looking ahead, Seeking Alpha author Josh Arnold is bullish on HNST. He noted the trading multiple for the stock is ~1X forward sales, which is seen as cheap on both a relative basis and absolute basis.
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Honest Company rallies off improved industry data