Harrow (NASDAQ:HROW) Stock Price Up 10.2% – Here’s What Happened

Harrow, Inc. (NASDAQ:HROW)’s stock price shot up 10.2% during trading on Wednesday . The stock traded as high as $44.20 and last traded at $44.28. 253,703 shares changed hands during trading, a decline of 54% from the average session volume of 547,382 shares. The stock had previously closed at $40.17.

Analysts Set New Price Targets

A number of brokerages have issued reports on HROW. B. Riley reaffirmed a “buy” rating and set a $74.00 price target (up from $70.00) on shares of Harrow in a research note on Wednesday, October 1st. BTIG Research reaffirmed a “buy” rating and set a $63.00 target price on shares of Harrow in a report on Wednesday, September 24th. Cantor Fitzgerald reissued an “overweight” rating and issued a $94.00 price target on shares of Harrow in a report on Tuesday, November 11th. Zacks Research cut shares of Harrow from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 12th. Finally, HC Wainwright raised their target price on shares of Harrow from $64.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, November 12th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.43.

Harrow Stock Performance

The stock has a market cap of $1.69 billion, a P/E ratio of -457.45 and a beta of 0.07. The firm has a 50 day moving average of $40.15 and a two-hundred day moving average of $36.51. The company has a debt-to-equity ratio of 5.21, a quick ratio of 2.52 and a current ratio of 2.72.

Harrow (NASDAQ:HROW) last issued its quarterly earnings results on Monday, November 10th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.11. Harrow had a positive return on equity of 28.71% and a negative net margin of 1.99%.The company had revenue of $71.64 million during the quarter, compared to analyst estimates of $73.70 million. On average, research analysts predict that Harrow, Inc. will post -0.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Harrow

Several large investors have recently added to or reduced their stakes in the company. Braidwell LP grew its holdings in shares of Harrow by 5.5% during the 1st quarter. Braidwell LP now owns 956,839 shares of the company’s stock worth $25,452,000 after purchasing an additional 49,800 shares in the last quarter. Geode Capital Management LLC increased its holdings in Harrow by 4.7% in the 2nd quarter. Geode Capital Management LLC now owns 810,803 shares of the company’s stock valued at $24,765,000 after buying an additional 36,724 shares during the period. Marshall Wace LLP raised its stake in shares of Harrow by 31.5% in the 2nd quarter. Marshall Wace LLP now owns 564,876 shares of the company’s stock valued at $17,251,000 after buying an additional 135,202 shares in the last quarter. Voya Investment Management LLC raised its stake in shares of Harrow by 4,035.5% in the 1st quarter. Voya Investment Management LLC now owns 381,461 shares of the company’s stock valued at $10,147,000 after buying an additional 372,237 shares in the last quarter. Finally, Penn Capital Management Company LLC acquired a new stake in shares of Harrow during the 3rd quarter valued at about $15,717,000. Institutional investors and hedge funds own 72.76% of the company’s stock.

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.