Hydrofarm Holdings Group (NASDAQ:HYFM) Downgraded to Hold at Stifel Nicolaus

Hydrofarm Holdings Group (NASDAQ:HYFMGet Rating) was downgraded by investment analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report issued on Wednesday, Briefing.com reports. They presently have a $8.00 price objective on the stock, down from their previous price objective of $13.00. Stifel Nicolaus’ price target points to a potential upside of 19.40% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Truist Financial reduced their price target on Hydrofarm Holdings Group from $50.00 to $30.00 in a report on Monday, March 28th. Deutsche Bank Aktiengesellschaft reduced their target price on Hydrofarm Holdings Group from $36.00 to $18.00 in a research note on Wednesday. UBS Group lowered Hydrofarm Holdings Group from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $26.00 to $8.00 in a research note on Wednesday. Wells Fargo & Company reduced their price objective on shares of 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. Finally, Zacks Investment Research raised shares of Hydrofarm Holdings Group from a “sell” rating to a “hold” rating in a research note on Thursday, April 28th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $20.43.

NASDAQ HYFM opened at $6.70 on Wednesday. The company’s 50 day simple moving average is $13.05 and its two-hundred day simple moving average is $22.26. Hydrofarm Holdings Group has a 1 year low of $7.48 and a 1 year high of $63.49.

Hydrofarm Holdings Group (NASDAQ:HYFMGet Rating) last released its quarterly earnings data on Tuesday, March 1st. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.10). The firm had revenue of $110.41 million during the quarter, compared to analysts’ expectations of $106.40 million. During the same period in the previous year, the business posted ($0.31) earnings per share. As a group, research analysts forecast that Hydrofarm Holdings Group will post 0.46 EPS for the current fiscal year.

In related news, CEO William Douglas Toler purchased 5,000 shares of the business’s stock in a transaction that occurred 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 acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Terence Fitch sold 13,100 shares of the company’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. 3.30% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC purchased a new stake in Hydrofarm Holdings Group during the 1st quarter valued at $26,000. Point72 Hong Kong Ltd purchased a new stake in Hydrofarm Holdings Group during the 3rd quarter valued at $88,000. Royal Bank of Canada boosted its stake in Hydrofarm Holdings Group by 126.6% during the 2nd quarter. Royal Bank of Canada now owns 2,499 shares of the company’s stock valued at $148,000 after purchasing an additional 1,396 shares during the last quarter. Advisor Group Holdings Inc. boosted its stake in Hydrofarm Holdings Group by 83.5% during the 3rd quarter. Advisor Group Holdings Inc. now owns 2,676 shares of the company’s stock valued at $102,000 after purchasing an additional 1,218 shares during the last quarter. Finally, Centaurus Financial Inc. boosted 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 purchasing an additional 556 shares during the last quarter. Institutional investors and hedge funds own 63.20% of the company’s stock.

About Hydrofarm Holdings Group (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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Analyst Recommendations for Hydrofarm Holdings Group (NASDAQ:HYFM)

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