Hydrofarm Holdings Group (NASDAQ:HYFM) Rating Lowered to Hold at Zacks Investment Research

Wednesday, April 7, 2021 | MarketBeat

Hydrofarm Holdings Group (NASDAQ:HYFM) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research note issued on Wednesday, 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 equities research analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Hydrofarm Holdings Group from $88.00 to $77.00 and set a "buy" rating for the company in a research report on Wednesday, March 31st. JPMorgan Chase & Co. started coverage on Hydrofarm Holdings Group in a research note on Monday, January 4th. They issued an "overweight" rating and a $63.00 price objective on the stock. Stifel Nicolaus began coverage on Hydrofarm Holdings Group in a report on Monday, January 4th. They set a "buy" rating and a $65.00 price objective on the stock. Truist upped their target price on Hydrofarm Holdings Group from $65.00 to $95.00 in a report on Monday, February 22nd. Finally, William Blair started coverage on Hydrofarm Holdings Group in a research note on Monday, January 4th. They set an "outperform" rating on the stock. One analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. The stock currently has an average rating of "Buy" and an average price target of $73.60.

HYFM traded down $1.77 during trading hours on Wednesday, reaching $54.23. 314,797 shares of the company's stock traded hands, compared to its average volume of 452,269. The company's 50-day moving average price is $64.59. Hydrofarm Holdings Group has a 52-week low of $41.59 and a 52-week high of $95.48.

Hydrofarm Holdings Group (NASDAQ:HYFM) last released its earnings results on Monday, March 29th. The company reported ($0.43) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.09). Sell-side analysts anticipate that Hydrofarm Holdings Group will post -0.29 EPS for the current fiscal year.

Large investors have recently made changes to their positions in the company. Teacher Retirement System of Texas purchased a new stake in shares of Hydrofarm Holdings Group during the 4th quarter worth $263,000. Jane Street Group LLC purchased a new position in Hydrofarm Holdings Group in the fourth quarter valued at about $457,000. SG Americas Securities LLC bought a new position in Hydrofarm Holdings Group in the fourth quarter worth about $510,000. Northern Trust Corp purchased a new stake in shares of Hydrofarm Holdings Group during the fourth quarter valued at about $627,000. Finally, Quantitative Systematic Strategies LLC bought a new stake in shares of Hydrofarm Holdings Group in the 4th quarter valued at about $769,000.

About Hydrofarm Holdings Group

Hydrofarm Holdings Group, Inc manufactures and distributes controlled environment agriculture equipment and supplies in the United States and Canada. The company offers lighting equipment, such as lighting systems/kits, grow light reflectors, grow light ballasts, LED lighting, fluorescent lighting, high-intensity discharge light systems, grow light reflectors, and lighting accessories; and equipment, including hydro components, meters and solutions, pumps and irrigation systems, water filtration systems, pots and containers, and tents and tarps.

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Analyst Recommendations for Hydrofarm Holdings Group (NASDAQ:HYFM)

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