Harrow (NASDAQ:HROW) Sees Strong Trading Volume on Strong Earnings

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on HROW. Weiss Ratings reissued a “sell (e+)” rating on shares of Harrow in a report on Wednesday, October 8th. Zacks Research lowered shares of Harrow from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 12th. Craig Hallum boosted 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. Lake Street Capital raised their price objective on Harrow from $42.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, September 29th. Finally, BTIG Research reiterated a “buy” rating and set a $63.00 target price on shares of Harrow in a research report on Wednesday, September 24th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.50.

Institutional Investors Weigh In On Harrow

Institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP purchased a new position in shares of Harrow during the first quarter worth about $32,000. Raymond James Financial Inc. purchased a new position in shares of Harrow in the 2nd quarter valued at approximately $48,000. State of Alaska Department of Revenue acquired a new position in shares of Harrow in the third quarter valued at approximately $83,000. Tower Research Capital LLC TRC raised its stake in shares of Harrow by 345.0% during the second 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. Finally, State of Wyoming acquired a new stake in shares of Harrow during the first quarter worth $97,000. 72.76% of the stock is owned by hedge funds and other institutional investors.

Harrow Trading Up 7.4%

The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.58 and a current ratio of 0.62. The stock has a market capitalization of $1.36 billion, a PE ratio of -146.85 and a beta of 0.19. The business’s 50-day moving average is $40.65 and its two-hundred day moving average is $34.75.

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.