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

Zacks Investment Research cut shares of Hydrofarm Holdings Group (NASDAQ:HYFM) from a buy rating to a hold rating in a research report report published on Friday, 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. “

Other equities research analysts have also recently issued research reports about the company. Truist raised their price objective on Hydrofarm Holdings Group from $65.00 to $95.00 in a report on Monday, February 22nd. Stifel Nicolaus assumed coverage on Hydrofarm Holdings Group in a report on Monday, January 4th. They issued a buy rating and a $65.00 target price on the stock. JPMorgan Chase & Co. assumed coverage on Hydrofarm Holdings Group in a report on Monday, January 4th. They issued an overweight rating and a $63.00 target price on the stock. William Blair assumed coverage on Hydrofarm Holdings Group in a report on Monday, January 4th. They issued an outperform rating on the stock. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Hydrofarm Holdings Group from $88.00 to $77.00 and set a buy rating on the stock in a report on Wednesday, March 31st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Hydrofarm Holdings Group presently has an average rating of Buy and an average price target of $73.40.

HYFM stock opened at $61.96 on Friday. Hydrofarm Holdings Group has a 52-week low of $41.59 and a 52-week high of $95.48. The business’s fifty day simple moving average is $59.64.

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

Hedge funds and other institutional investors have recently modified their holdings of the business. Strs Ohio acquired a new stake in shares of Hydrofarm Holdings Group during the 1st quarter valued at about $138,000. Teacher Retirement System of Texas bought a new stake in shares of Hydrofarm Holdings Group during the 4th quarter worth $263,000. Jane Street Group LLC acquired a new position in Hydrofarm Holdings Group in the 4th quarter valued at $457,000. SG Americas Securities LLC bought a new position in Hydrofarm Holdings Group in the 4th quarter worth $510,000. Finally, Northern Trust Corp acquired a new stake in shares of Hydrofarm Holdings Group in the fourth quarter valued at about $627,000.

Hydrofarm Holdings Group Company Profile

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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