Hydrofarm Holdings Group (NASDAQ:HYFM) Trading 4.7% Higher – Time to Buy?

Shares of Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM) were up 4.7% on Thursday . The stock traded as high as $0.66 and last traded at $0.64. Approximately 267,350 shares traded hands during mid-day trading, an increase of 52% from the average daily volume of 175,675 shares. The stock had previously closed at $0.61.

Wall Street Analysts Forecast Growth

HYFM has been the subject of several analyst reports. Stifel Nicolaus cut their price target on Hydrofarm Holdings Group from $0.90 to $0.75 and set a “hold” rating for the company in a research note on Monday, July 29th. UBS Group cut their price objective on shares of Hydrofarm Holdings Group from $1.15 to $0.65 and set a “neutral” rating for the company in a research report on Wednesday, August 14th.

Hydrofarm Holdings Group Price Performance

The company has a current ratio of 3.24, a quick ratio of 1.41 and a debt-to-equity ratio of 0.51. The stock has a fifty day simple moving average of $0.64 and a two-hundred day simple moving average of $0.67. The company has a market cap of $29.48 million, a PE ratio of -0.45 and a beta of 1.83.

Insider Activity at Hydrofarm Holdings Group

In other news, CEO William Douglas Toler purchased 100,000 shares of the stock in a transaction dated Wednesday, August 28th. The stock was acquired at an average cost of $0.50 per share, for a total transaction of $50,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,875,815 shares in the company, valued at $937,907.50. This represents a 5.63 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.80% of the company’s stock.

Institutional Trading of Hydrofarm Holdings Group

Several hedge funds and other institutional investors have recently bought and sold shares of HYFM. Vanguard Group Inc. grew its position in shares of Hydrofarm Holdings Group by 18.2% in the first quarter. Vanguard Group Inc. now owns 1,876,913 shares of the company’s stock valued at $2,027,000 after purchasing an additional 288,701 shares during the period. Tidal Investments LLC purchased a new stake in Hydrofarm Holdings Group in the 1st quarter valued at about $1,118,000. Renaissance Technologies LLC lifted its holdings in shares of Hydrofarm Holdings Group by 6.7% during the 2nd quarter. Renaissance Technologies LLC now owns 730,600 shares of the company’s stock worth $504,000 after acquiring an additional 45,800 shares during the period. Geode Capital Management LLC boosted its position in shares of Hydrofarm Holdings Group by 5.9% in the third quarter. Geode Capital Management LLC now owns 475,634 shares of the company’s stock worth $328,000 after acquiring an additional 26,350 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in Hydrofarm Holdings Group by 82.2% in the third quarter. Jane Street Group LLC now owns 45,115 shares of the company’s stock valued at $31,000 after purchasing an additional 20,357 shares during the period. 26.61% of the stock is owned by hedge funds and other institutional investors.

About Hydrofarm Holdings Group

Hydrofarm Holdings Group, Inc, together with its subsidiaries, manufactures and distributes controlled environment agriculture (CEA) equipment and supplies in the United States and Canada. The company provides agricultural lighting devices, indoor climate control equipment, and nutrients, as well as plant additives used to grow, farm, and cultivate cannabis, flowers, fruits, plants, vegetables, grains, and herbs in controlled environment.