Zacks Investment Research downgraded shares of Hydrofarm Holdings Group (NASDAQ:HYFM) from a buy rating to a hold rating in a research report released on Wednesday morning, 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 analysts have also issued research reports about the company. JPMorgan Chase & Co. initiated coverage on Hydrofarm Holdings Group in a report on Monday, January 4th. They issued an overweight rating and a $63.00 target price for the company. Deutsche Bank Aktiengesellschaft reduced their target price on Hydrofarm Holdings Group from $88.00 to $77.00 and set a buy rating for the company in a report on Wednesday, March 31st. Truist increased their target price on Hydrofarm Holdings Group from $65.00 to $95.00 in a report on Monday, February 22nd. Stifel Nicolaus initiated coverage on Hydrofarm Holdings Group in a report on Monday, January 4th. They issued a buy rating and a $65.00 target price for the company. Finally, William Blair initiated coverage on Hydrofarm Holdings Group in a report on Monday, January 4th. They issued an outperform rating for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Hydrofarm Holdings Group presently has a consensus rating of Buy and a consensus target price of $73.60.

HYFM opened at $54.23 on Wednesday. The stock’s fifty day moving average is $64.59. Hydrofarm Holdings Group has a fifty-two week low of $41.59 and a fifty-two week high of $95.48.

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

Several large investors have recently made changes to their positions in the stock. Susquehanna International Group LLP purchased a new stake in shares of Hydrofarm Holdings Group during the fourth quarter worth $953,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Hydrofarm Holdings Group during the fourth quarter worth $2,629,000. Norges Bank purchased a new stake in shares of Hydrofarm Holdings Group during the fourth quarter worth $789,000. Alyeska Investment Group L.P. purchased a new stake in shares of Hydrofarm Holdings Group during the fourth quarter worth $10,702,000. Finally, Jane Street Group LLC purchased a new stake in shares of Hydrofarm Holdings Group during the fourth quarter worth $457,000.

Hydrofarm Holdings Group Company Profile

Hydrofarm Holdings Group, Inc manufactures and distributes controlled environment agriculture equipment and supplies in the United States and Canada. The company offers lighting equipment, such as lighting systems/kits, grow light reflectors, grow light ballasts, LED lighting, fluorescent lighting, high-intensity discharge light systems, grow light reflectors, and lighting accessories; and equipment, including hydro components, meters and solutions, pumps and irrigation systems, water filtration systems, pots and containers, and tents and tarps.

See Also: Buy-Side Analysts

Get a free copy of the Zacks research report on Hydrofarm Holdings Group (HYFM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Hydrofarm Holdings Group (NASDAQ:HYFM)

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.