Harrow (NASDAQ:HROW) Shares Gap Down After Earnings Miss

Harrow, Inc. (NASDAQ:HROW) gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $23.59, but opened at $21.50. Harrow shares last traded at $23.30, with a volume of 276,658 shares changing hands.

The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.40). Harrow had a negative return on equity of 45.57% and a negative net margin of 19.75%. The business had revenue of $47.83 million during the quarter, compared to analysts’ expectations of $57.00 million.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Harrow in a research note on Monday, March 31st. B. Riley reduced their price objective on shares of Harrow from $69.00 to $65.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st.

Institutional Trading of Harrow

Institutional investors and hedge funds have recently made changes to their positions in the company. GF Fund Management CO. LTD. purchased a new stake in shares of Harrow during the 4th quarter worth $25,000. Tower Research Capital LLC TRC lifted its stake in shares of Harrow by 769.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,652 shares of the company’s stock worth $55,000 after buying an additional 1,462 shares during the period. Aquatic Capital Management LLC acquired a new stake in Harrow during the 4th quarter worth about $78,000. AlphaQuest LLC lifted its holdings in shares of Harrow by 452.8% during the fourth quarter. AlphaQuest LLC now owns 3,527 shares of the company’s stock worth $118,000 after purchasing an additional 2,889 shares during the period. Finally, Federated Hermes Inc. acquired a new stake in Harrow during the 4th quarter valued at approximately $214,000. 72.76% of the stock is currently owned by institutional investors.

Harrow Stock Up 3.4 %

The company has a quick ratio of 1.44, a current ratio of 1.55 and a debt-to-equity ratio of 3.23. The company has a market capitalization of $895.11 million, a price-to-earnings ratio of -25.96 and a beta of 0.41. The business’s 50-day moving average is $24.79 and its 200-day moving average is $32.67.

About Harrow

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.