Hydrofarm Holdings Group (NASDAQ:HYFM) Stock Price Up 8.2% – Here’s Why

Hydrofarm Holdings Group, Inc. (NASDAQ:HYFM)’s share price shot up 8.2% during trading on Tuesday . The stock traded as high as $3.51 and last traded at $3.45. 9,230 shares were traded during trading, a decline of 89% from the average session volume of 87,793 shares. The stock had previously closed at $3.19.

Hydrofarm Holdings Group Stock Performance

The stock has a market cap of $16.02 million, a PE ratio of -0.24 and a beta of 2.21. The company has a quick ratio of 1.41, a current ratio of 3.24 and a debt-to-equity ratio of 0.51. The firm has a 50 day moving average price of $2.70 and a 200 day moving average price of $4.77.

Hydrofarm Holdings Group (NASDAQ:HYFM) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($3.12) EPS for the quarter, missing the consensus estimate of ($2.50) by ($0.62). The firm had revenue of $40.53 million for the quarter, compared to analysts’ expectations of $52.58 million. Hydrofarm Holdings Group had a negative net margin of 32.18% and a negative return on equity of 19.57%. During the same quarter in the prior year, the business posted ($2.55) EPS. As a group, research analysts forecast that Hydrofarm Holdings Group, Inc. will post -13.3 earnings per share for the current year.

Hedge Funds Weigh In On Hydrofarm Holdings Group

Several institutional investors have recently made changes to their positions in HYFM. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Hydrofarm Holdings Group during the fourth quarter valued at $33,000. Cannell Capital LLC boosted its position in Hydrofarm Holdings Group by 17.3% during the fourth quarter. Cannell Capital LLC now owns 451,372 shares of the company’s stock valued at $262,000 after purchasing an additional 66,619 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in Hydrofarm Holdings Group by 4.8% during the fourth quarter. Renaissance Technologies LLC now owns 789,970 shares of the company’s stock valued at $458,000 after purchasing an additional 36,370 shares in the last quarter. Hedge funds and other 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.