5 Marijuana Stocks Reddit is Buying Amid New Federal Marijuana Legalization Bill

3. Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM)

Number of Hedge Fund Holders: 14  

Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM) is an American firm that manufactures and distributes different types of agricultural supplies. It is ranked third on our list of 10 marijuana stocks Reddit is buying amid new federal marijuana legalization bill. On June 17, the share price of the firm jumped more than 3.2% after it announced that it would be purchasing Aurora Innovations, a hydroponic products firm, in a deal worth $161 million. The transaction is expected to be complete by the end of this month. 

On June 23, investment advisory UBS initiated coverage on Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM) stock with a Buy rating and a price target of $66, backing the firm to post positive numbers in the second half of the year. 

At the end of the first quarter of 2021, 14 hedge funds in the database of Insider Monkey held stakes worth $84 million in Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM), down from 19 in the preceding quarter worth $117 million.