Hydrofarm Holdings Group (NASDAQ:HYFM) Downgraded by UBS Group

UBS Group downgraded shares of Hydrofarm Holdings Group (NASDAQ:HYFMGet Rating) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. UBS Group currently has $8.00 target price on the stock, down from their previous target price of $26.00.

Several other research firms have also issued reports on HYFM. Truist Financial lowered their price objective on Hydrofarm Holdings Group from $50.00 to $30.00 in a research note on Monday, March 28th. Zacks Investment Research raised Hydrofarm Holdings Group from a sell rating to a hold rating in a research note on Thursday, April 28th. 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 research note on Wednesday, March 2nd. JPMorgan Chase & Co. lowered their price objective on Hydrofarm Holdings Group from $27.00 to $22.00 and set an overweight rating for the company in a research note on Wednesday, March 2nd. Finally, Wells Fargo & Company lowered their price objective on Hydrofarm Holdings Group from $18.00 to $14.00 and set an equal weight rating for the company in a research note on Tuesday, March 15th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Hydrofarm Holdings Group presently has an average rating of Hold and an average target price of $20.43.

NASDAQ HYFM opened at $8.04 on Wednesday. The business has a 50 day simple moving average of $12.62 and a two-hundred day simple moving average of $21.76. Hydrofarm Holdings Group has a 1-year low of $6.00 and a 1-year high of $63.49.

Hydrofarm Holdings Group (NASDAQ:HYFMGet Rating) last released its quarterly earnings results on Tuesday, March 1st. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.10). The business had revenue of $110.41 million during the quarter, compared to analyst estimates of $106.40 million. During the same period in the previous year, the company earned ($0.31) EPS. As a group, research analysts forecast that Hydrofarm Holdings Group will post 0.33 EPS for the current fiscal year.

In other news, CEO William Douglas Toler bought 5,000 shares of the firm’s stock in a transaction on Tuesday, March 8th. The stock was acquired at an average cost of $13.06 per share, with a total value of $65,300.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Terence Fitch sold 13,100 shares of Hydrofarm Holdings Group stock in a transaction on Tuesday, March 15th. The shares were 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. 3.30% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in the company. JNBA Financial Advisors increased its holdings in shares of Hydrofarm Holdings Group by 5.1% in the 3rd quarter. JNBA Financial Advisors now owns 9,349 shares of the company’s stock valued at $354,000 after acquiring an additional 450 shares during the period. Victory Capital Management Inc. increased its holdings in shares of 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 acquiring an additional 460 shares during the period. Centaurus Financial Inc. increased its holdings in shares of Hydrofarm Holdings Group by 25.5% in the 3rd quarter. Centaurus Financial Inc. now owns 2,738 shares of the company’s stock valued at $104,000 after acquiring an additional 556 shares during the period. Arizona State Retirement System increased its holdings in shares of Hydrofarm Holdings Group by 9.0% in the 4th quarter. Arizona State Retirement System now owns 7,094 shares of the company’s stock valued at $201,000 after acquiring an additional 587 shares during the period. Finally, Legal & General Group Plc increased its holdings 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 valued at $293,000 after acquiring an additional 590 shares during the period. Institutional investors and hedge funds own 63.20% 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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