Hydrofarm Holdings Group (NASDAQ:HYFM) Stock Price Up 2.3% – Here’s Why

Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM)’s stock price rose 2.3% on Wednesday . The stock traded as high as $3.70 and last traded at $3.62. Approximately 5,915 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 88,047 shares. The stock had previously closed at $3.54.

Hydrofarm Holdings Group Stock Up 2.3%

The company has a quick ratio of 0.97, a current ratio of 2.22 and a debt-to-equity ratio of 0.56. The firm has a 50 day moving average of $3.22 and a two-hundred day moving average of $4.46. The firm has a market capitalization of $16.80 million, a price-to-earnings ratio of -0.24 and a beta of 2.39.

Hydrofarm Holdings Group (NASDAQ:HYFM) last posted its earnings results on Tuesday, May 13th. The company reported ($3.12) EPS for the quarter, missing analysts’ consensus estimates of ($2.50) by ($0.62). Hydrofarm Holdings Group had a negative return on equity of 24.85% and a negative net margin of 38.77%. The company had revenue of $40.53 million during the quarter, compared to the consensus estimate of $52.58 million. During the same period last year, the company posted ($2.55) EPS. As a group, sell-side analysts anticipate that Hydrofarm Holdings Group, Inc. will post -13.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Hydrofarm Holdings Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Hydrofarm Holdings Group during the fourth quarter worth $33,000. Cannell Capital LLC grew its position in Hydrofarm Holdings Group by 17.3% during the 4th quarter. Cannell Capital LLC now owns 451,372 shares of the company’s stock worth $262,000 after acquiring an additional 66,619 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in Hydrofarm Holdings Group by 4.8% during the 4th quarter. Renaissance Technologies LLC now owns 789,970 shares of the company’s stock worth $458,000 after acquiring an additional 36,370 shares during the last quarter. Institutional investors own 26.61% of the company’s stock.

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.