Harrow (NASDAQ:HROW) Sees Large Volume Increase Following Earnings Beat

Harrow, Inc. (NASDAQ:HROW) shares saw unusually-strong trading volume on Tuesday after the company announced better than expected quarterly earnings. Approximately 924,221 shares were traded during 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 (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.11. The company had revenue of $71.64 million for the quarter, compared to analysts’ expectations of $73.70 million. Harrow had a negative return on equity of 2.18% and a negative net margin of 4.49%.

Analyst Ratings Changes

Several research firms have issued reports on HROW. Zacks Research downgraded Harrow from a “strong-buy” rating to a “hold” rating in a report on Friday, September 12th. HC Wainwright restated a “buy” rating and set a $64.00 price target on shares of Harrow in a report on Monday, September 29th. Craig Hallum upped their price target on shares of Harrow from $54.00 to $64.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. BTIG Research reiterated a “buy” rating and set a $63.00 price objective on shares of Harrow in a research report on Wednesday, September 24th. Finally, Lake Street Capital boosted their target price on shares of Harrow from $42.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, September 29th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Harrow currently has an average rating of “Moderate Buy” and a consensus target price of $71.50.

Institutional Investors Weigh In On Harrow

A number of institutional investors have recently modified their holdings of HROW. AXQ Capital LP bought a new position in Harrow in the 3rd quarter worth $323,000. Profund Advisors LLC acquired a new stake in shares of Harrow in the third quarter valued at about $328,000. Oppenheimer & Co. Inc. increased its stake in shares of Harrow by 12.6% in the third quarter. Oppenheimer & Co. Inc. now owns 14,994 shares of the company’s stock worth $722,000 after purchasing an additional 1,677 shares during the period. Independent Advisor Alliance bought a new position in shares of Harrow in the third quarter worth about $210,000. Finally, AlphaQuest LLC lifted its position in shares of Harrow by 743.0% during the 3rd quarter. AlphaQuest LLC now owns 3,819 shares of the company’s stock worth $184,000 after purchasing an additional 3,366 shares during the last quarter. Institutional investors and hedge funds own 72.76% of the company’s stock.

Harrow Stock Performance

The stock has a market cap of $1.43 billion, a P/E ratio of -154.96 and a beta of 0.19. The firm has a 50 day moving average of $40.67 and a two-hundred day moving average of $34.84. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.58 and a current ratio of 0.62.

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.