Harrow (NASDAQ:HROW) Trading Down 4.7% – Here’s Why

Harrow, Inc. (NASDAQ:HROW) shares dropped 4.7% during mid-day trading on Wednesday . The stock traded as low as $54.11 and last traded at $54.29. Approximately 89,325 shares traded hands during trading, a decline of 82% from the average daily volume of 491,874 shares. The stock had previously closed at $56.98.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Craig Hallum lifted their price objective on shares of Harrow from $45.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, October 4th. B. Riley reiterated a “buy” rating and issued a $50.00 price target on shares of Harrow in a research note on Thursday, August 29th. Finally, Lake Street Capital boosted their target price on Harrow from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 4th.

Harrow Stock Performance

The company has a debt-to-equity ratio of 3.18, a quick ratio of 2.43 and a current ratio of 2.60. The business’s fifty day moving average price is $45.07 and its two-hundred day moving average price is $27.95. The stock has a market capitalization of $1.88 billion, a P/E ratio of -58.97 and a beta of 0.75.

Harrow (NASDAQ:HROW) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.12. The business had revenue of $48.94 million for the quarter, compared to analysts’ expectations of $42.78 million. Harrow had a negative net margin of 21.78% and a negative return on equity of 40.59%. As a group, sell-side analysts forecast that Harrow, Inc. will post -0.14 earnings per share for the current year.

Institutional Trading of Harrow

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. nVerses Capital LLC purchased a new stake in shares of Harrow in the second quarter worth approximately $33,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Harrow by 2,730.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,123 shares of the company’s stock valued at $44,000 after purchasing an additional 2,048 shares during the period. Bayesian Capital Management LP bought a new position in shares of Harrow in the first quarter worth about $185,000. Price T Rowe Associates Inc. MD increased its stake in Harrow by 6.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 16,672 shares of the company’s stock worth $221,000 after buying an additional 1,033 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in Harrow by 12.7% during the 1st quarter. BNP Paribas Financial Markets now owns 16,941 shares of the company’s stock valued at $224,000 after buying an additional 1,912 shares in the last quarter. 72.76% of the stock is owned by hedge funds and other institutional investors.

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.