Harrow (NASDAQ:HROW) Sees Strong Trading Volume Following Better-Than-Expected Earnings

Harrow, Inc. (NASDAQ:HROW) saw strong trading volume on Tuesday after the company announced better than expected quarterly earnings. 924,221 shares changed hands during mid-day trading, an increase of 70% from the previous session’s volume of 544,375 shares.The stock last traded at $36.04 and had previously closed at $34.14.

The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.11. The business had revenue of $71.64 million during the quarter, compared to analysts’ expectations of $73.70 million. Harrow had a negative net margin of 4.49% and a negative return on equity of 2.18%.

Analysts Set New Price Targets

A number of research firms have commented on HROW. Craig Hallum upped their price target on Harrow from $54.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Cantor Fitzgerald restated an “overweight” rating and set a $94.00 target price on shares of Harrow in a report on Tuesday. Lake Street Capital increased their price target on shares of Harrow from $42.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, September 29th. LADENBURG THALM/SH SH raised their price objective on shares of Harrow from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, B. Riley reaffirmed a “buy” rating and set a $74.00 target price (up from $70.00) on shares of Harrow in a research note on Wednesday, October 1st. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Harrow currently has an average rating of “Moderate Buy” and a consensus target price of $71.43.

Institutional Trading of Harrow

A number of large investors have recently made changes to their positions in HROW. Hussman Strategic Advisors Inc. acquired a new stake in Harrow in the first quarter valued at approximately $559,000. Royce & Associates LP grew its holdings in Harrow by 12.0% during the 1st quarter. Royce & Associates LP now owns 327,096 shares of the company’s stock worth $8,701,000 after acquiring an additional 35,006 shares in the last quarter. Equitable Trust Co. increased its position in shares of Harrow by 9.2% in the 1st quarter. Equitable Trust Co. now owns 47,570 shares of the company’s stock valued at $1,265,000 after purchasing an additional 4,015 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Harrow in the 1st quarter valued at $2,046,000. Finally, HighTower Advisors LLC raised its holdings in shares of Harrow by 30.5% in the 1st quarter. HighTower Advisors LLC now owns 13,217 shares of the company’s stock valued at $352,000 after purchasing an additional 3,090 shares in the last quarter. 72.76% of the stock is currently owned by hedge funds and other institutional investors.

Harrow Trading Down 0.8%

The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.58 and a current ratio of 0.62. The company’s 50-day moving average price is $40.69 and its 200-day moving average price is $34.87. The firm has a market capitalization of $1.42 billion, a PE ratio of -153.76 and a beta of 0.19.

Harrow Company Profile

Harrow, Inc operates as an ophthalmic-focused healthcare company. The company owns ImprimisRx, an ophthalmology outsourcing and pharmaceutical compounding business. The company was formerly known as Imprimis Pharmaceuticals, Inc and changed its name to Harrow Health, Inc in December 2018. Harrow Health, Inc was incorporated in 2006 and is headquartered in Nashville, Tennessee.