Hydrofarm Holdings Group (NASDAQ:HYFM) Shares Down 5.3%

Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM)’s stock price dropped 5.3% on Thursday . The company traded as low as $47.58 and last traded at $47.58. Approximately 7,071 shares traded hands during trading, a decline of 99% from the average daily volume of 549,025 shares. The stock had previously closed at $50.23.

HYFM has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft reduced 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 note on Wednesday, March 31st. Zacks Investment Research upgraded shares of Hydrofarm Holdings Group from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Wednesday. Finally, UBS Group initiated coverage on shares of Hydrofarm Holdings Group in a research note on Wednesday, June 23rd. They set a “buy” rating and a $66.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and a consensus target price of $69.83.

The company has a 50 day moving average of $56.35.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Hydrofarm Holdings Group by 1,139.4% in the first quarter. BlackRock Inc. now owns 674,641 shares of the company’s stock worth $40,695,000 after acquiring an additional 620,210 shares during the period. Lord Abbett & CO. LLC grew its stake in shares of Hydrofarm Holdings Group by 965.1% in the first quarter. Lord Abbett & CO. LLC now owns 540,496 shares of the company’s stock worth $32,603,000 after acquiring an additional 489,750 shares during the period. Pura Vida Investments LLC grew its stake in shares of Hydrofarm Holdings Group by 19.6% in the first quarter. Pura Vida Investments LLC now owns 448,324 shares of the company’s stock worth $27,043,000 after acquiring an additional 73,324 shares during the period. Price T Rowe Associates Inc. MD bought a new stake in shares of Hydrofarm Holdings Group in the fourth quarter worth approximately $18,503,000. Finally, Janus Henderson Group PLC bought a new stake in shares of Hydrofarm Holdings Group in the fourth quarter worth approximately $17,078,000. Hedge funds and other institutional investors own 22.54% of the company’s stock.

About Hydrofarm Holdings Group (NASDAQ:HYFM)

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.

Further Reading: How much can an individual set aside as a catch-up contribution?

Receive News & Ratings for Hydrofarm Holdings Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hydrofarm Holdings Group and related companies with MarketBeat.com's FREE daily email newsletter.