Harrow (NASDAQ:HROW) Shares Gap Down on Disappointing Earnings

Harrow, Inc. (NASDAQ:HROW)’s stock price gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $23.59, but opened at $21.50. Harrow shares last traded at $23.30, with a volume of 276,658 shares trading hands.

The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.40). Harrow had a negative net margin of 19.75% and a negative return on equity of 45.57%. The company had revenue of $47.83 million for the quarter, compared to the consensus estimate of $57.00 million.

Analyst Ratings Changes

Several research analysts have recently issued reports on HROW shares. B. Riley cut their target price on shares of Harrow from $69.00 to $65.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. HC Wainwright reissued a “buy” rating and issued a $57.00 price target on shares of Harrow in a report on Monday, March 31st.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Equitable Trust Co. grew its stake in Harrow by 9.2% in the first quarter. Equitable Trust Co. now owns 47,570 shares of the company’s stock worth $1,265,000 after purchasing an additional 4,015 shares during the period. Royce & Associates LP grew its position in shares of Harrow by 12.0% in the 1st quarter. Royce & Associates LP now owns 327,096 shares of the company’s stock worth $8,701,000 after buying an additional 35,006 shares during the period. Hussman Strategic Advisors Inc. bought a new position in shares of Harrow in the 1st quarter worth about $559,000. Westside Investment Management Inc. lifted its position in Harrow by 6.3% during the 1st quarter. Westside Investment Management Inc. now owns 173,856 shares of the company’s stock valued at $4,625,000 after acquiring an additional 10,315 shares during the period. Finally, Woodmont Investment Counsel LLC boosted its stake in Harrow by 27.4% during the first quarter. Woodmont Investment Counsel LLC now owns 103,693 shares of the company’s stock worth $2,758,000 after acquiring an additional 22,293 shares in the last quarter. Hedge funds and other institutional investors own 72.76% of the company’s stock.

Harrow Trading Up 3.4 %

The stock’s fifty day simple moving average is $24.79 and its two-hundred day simple moving average is $32.82. The firm has a market cap of $895.11 million, a PE ratio of -25.96 and a beta of 0.41. The company has a quick ratio of 1.44, a current ratio of 1.55 and a debt-to-equity ratio of 3.23.

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.