Harrow (NASDAQ:HROW) Posts Earnings Results, Beats Estimates By $0.11 EPS

Harrow (NASDAQ:HROW) released its quarterly earnings results on Monday. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.11, Zacks reports. Harrow had a negative net margin of 4.49% and a negative return on equity of 2.18%. The firm had revenue of $71.64 million for the quarter, compared to analysts’ expectations of $73.70 million.

Harrow Stock Up 13.4%

HROW stock traded up $4.59 during mid-day trading on Tuesday, reaching $38.73. The company had a trading volume of 1,985,317 shares, compared to its average volume of 549,253. The firm has a fifty day simple moving average of $40.65 and a 200 day simple moving average of $34.75. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of -154.92 and a beta of 0.19. Harrow has a fifty-two week low of $20.85 and a fifty-two week high of $54.19. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.58 and a current ratio of 0.62.

Hedge Funds Weigh In On Harrow

Institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new position in Harrow in the second quarter valued at about $48,000. Tower Research Capital LLC TRC raised its position in shares of Harrow by 345.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,373 shares of the company’s stock worth $103,000 after purchasing an additional 2,615 shares during the last quarter. Strs Ohio acquired a new stake in Harrow during the 1st quarter valued at $149,000. Royal Bank of Canada boosted its stake in shares of Harrow by 102.5% during the first quarter. Royal Bank of Canada now owns 9,813 shares of the company’s stock valued at $261,000 after acquiring an additional 4,967 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Harrow during the 2nd quarter worth about $274,000. 72.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on HROW shares. Lake Street Capital lifted their price target on shares of Harrow from $42.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, September 29th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Harrow in a report on Wednesday, October 8th. BTIG Research reaffirmed a “buy” rating and issued a $63.00 target price on shares of Harrow in a research report on Wednesday, September 24th. Zacks Research cut shares of Harrow from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 12th. Finally, B. Riley restated a “buy” rating and issued a $74.00 price objective (up from $70.00) on shares of Harrow in a report on Wednesday, October 1st. Seven 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.50.

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.