Hydrofarm Holdings Group (NASDAQ:HYFM) Price Target Cut to $5.00

Hydrofarm Holdings Group (NASDAQ:HYFMGet Rating) had its target price reduced by Truist Financial from $10.00 to $5.00 in a report published on Thursday morning, The Fly reports.

HYFM has been the subject of several other reports. UBS Group decreased their price target on shares of Hydrofarm Holdings Group to $4.00 in a research note on Friday, July 22nd. JPMorgan Chase & Co. downgraded shares of Hydrofarm Holdings Group from an overweight rating to a neutral rating in a research report on Wednesday, August 3rd. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $11.83.

Hydrofarm Holdings Group Trading Up 4.8 %

HYFM opened at $2.64 on Thursday. Hydrofarm Holdings Group has a 1-year low of $1.88 and a 1-year high of $45.01. The company has a current ratio of 3.18, a quick ratio of 0.98 and a debt-to-equity ratio of 0.29. The company has a market cap of $119.25 million, a P/E ratio of -0.45 and a beta of 2.13. The company has a fifty day moving average price of $2.45 and a two-hundred day moving average price of $4.03.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in Hydrofarm Holdings Group by 2,054.0% during the second quarter. FMR LLC now owns 7,216 shares of the company’s stock worth $25,000 after purchasing an additional 6,881 shares during the last quarter. Nisa Investment Advisors LLC purchased a new position in Hydrofarm Holdings Group in the first quarter valued at about $26,000. Point72 Hong Kong Ltd purchased a new position in Hydrofarm Holdings Group in the second quarter valued at about $31,000. Granite Point Capital Management L.P. purchased a new position in Hydrofarm Holdings Group in the third quarter valued at about $39,000. Finally, Prelude Capital Management LLC purchased a new position in Hydrofarm Holdings Group in the second quarter valued at about $44,000. 53.88% of the stock is currently owned by hedge funds and other institutional investors.

Hydrofarm Holdings Group Company Profile

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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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