The Honest Company (HNST.US) is one of the worst performing stocks during today’s US session. Its shares tanked by more than 25% after poor quarterly results. The maker of environmentally conscious personal care, beauty, baby, and household products had its IPO in May 2021.
The company, founded by an actress Jessica Alba, reported a loss of 17 cents per share on revenue of $74.6 million. Meanwhile, Wall Street expected a loss of 14 cents per share on $78.8 million revenue. Gross profit margins contracted by 1 full percentage point, while marketing costs jumped 32% and selling, general, and administrative spending more than doubled. In spite of such terrible results, the firm’s CEO Nick Vlahos defined the quarter a “success”, promising to continue “executing with excellence”.
The stock has been trading in a downward trend since its IPO in May. Recent lows were to be found near $13.15, but today the price crashed on a huge volume and tanked towards $10.
The Honest Company (HNST.US), H4 interval. Source: xStation5
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