Zacks Investment Research upgraded shares of Hydrofarm Holdings Group (NASDAQ:HYFM – Get Rating) from a sell rating to a hold rating in a research note issued to investors on Thursday, Zacks.com reports.
According to Zacks, “Hydrofarm Holdings Group Inc. is a distributor and manufacturer of hydroponics equipment and supplies for controlled environment agriculture. Hydrofarm Holdings Group Inc. is based in PETALUMA, Calif. “
Several other analysts have also weighed in on HYFM. Deutsche Bank Aktiengesellschaft lowered their price objective on Hydrofarm Holdings Group from $56.00 to $36.00 and set a buy rating for the company in a report on Wednesday, March 2nd. Wells Fargo & Company dropped their price target on Hydrofarm Holdings Group from $18.00 to $14.00 and set an equal weight rating on the stock in a research report on Tuesday, March 15th. Truist Financial decreased their price objective on shares of Hydrofarm Holdings Group from $50.00 to $30.00 in a report on Monday, March 28th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Hydrofarm Holdings Group from $27.00 to $22.00 and set an overweight rating on the stock in a research report on Wednesday, March 2nd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Hydrofarm Holdings Group has a consensus rating of Buy and a consensus price target of $34.71.
HYFM stock opened at $10.01 on Thursday. The firm has a 50 day simple moving average of $14.66 and a 200-day simple moving average of $23.68. Hydrofarm Holdings Group has a twelve month low of $9.39 and a twelve month high of $70.96.
Hydrofarm Holdings Group (NASDAQ:HYFM – Get Rating) last announced its quarterly earnings data on Tuesday, March 1st. The company reported ($0.05) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.10). The business had revenue of $110.41 million for the quarter, compared to the consensus estimate of $106.40 million. During the same period in the prior year, the company posted ($0.31) earnings per share. On average, analysts anticipate that Hydrofarm Holdings Group will post 0.56 EPS for the current year.
In other news, CEO William Douglas Toler purchased 5,000 shares of the company’s stock in a transaction on Tuesday, March 8th. The shares were bought at an average price of $13.06 per share, for a total transaction of $65,300.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Terence Fitch sold 13,100 shares of the business’s stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $13.38, for a total value of $175,278.00. The disclosure for this sale can be found here. Company insiders own 3.30% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. JNBA Financial Advisors increased its holdings in shares of Hydrofarm Holdings Group by 5.1% during the third quarter. JNBA Financial Advisors now owns 9,349 shares of the company’s stock valued at $354,000 after purchasing an additional 450 shares during the period. Victory Capital Management Inc. grew its position in Hydrofarm Holdings Group by 1.6% in the 3rd quarter. Victory Capital Management Inc. now owns 29,588 shares of the company’s stock valued at $1,120,000 after buying an additional 460 shares in the last quarter. Centaurus Financial Inc. increased its stake in Hydrofarm Holdings Group by 25.5% during the 3rd quarter. Centaurus Financial Inc. now owns 2,738 shares of the company’s stock valued at $104,000 after buying an additional 556 shares during the period. Arizona State Retirement System raised its position in shares of Hydrofarm Holdings Group by 9.0% during the 4th quarter. Arizona State Retirement System now owns 7,094 shares of the company’s stock worth $201,000 after buying an additional 587 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Hydrofarm Holdings Group by 6.0% in the 4th quarter. Legal & General Group Plc now owns 10,362 shares of the company’s stock worth $293,000 after acquiring an additional 590 shares during the period. Institutional investors own 64.68% of the company’s stock.
Hydrofarm Holdings Group Company Profile (Get Rating)
Hydrofarm Holdings Group, Inc, together with its subsidiaries, engages in the manufacture and distribution of controlled environment agriculture (CEA) equipment and supplies in the United States and Canada. The company offers agricultural lighting devices, indoor climate control equipment, hydroponics and nutrients, and plant additives used to grow, farm, and cultivate cannabis, flowers, fruits, plants, vegetables, grains, and herbs in controlled environment; and distributes CEA equipment and supplies, which include grow light systems; heating, ventilation, and air conditioning systems; humidity and carbon dioxide monitors and controllers; water pumps, heaters, chillers, and filters; nutrient and fertilizer delivery systems; and various growing media made from soil, rock wool or coconut fiber.
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