Harrow (NASDAQ:HROW) Posts Quarterly Earnings Results, Misses Expectations By $0.28 EPS

Harrow (NASDAQ:HROWGet Free Report) released its quarterly earnings data on Monday. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.28), FiscalAI reports. The firm had revenue of $70.66 million during the quarter, compared to analyst estimates of $70.35 million. Harrow had a positive return on equity of 19.59% and a negative net margin of 5.57%.

Harrow Stock Performance

NASDAQ HROW traded up $0.26 during trading on Monday, hitting $40.70. The company’s stock had a trading volume of 789,200 shares, compared to its average volume of 727,567. Harrow has a 52 week low of $28.54 and a 52 week high of $54.85. The firm has a market cap of $1.52 billion, a P/E ratio of -99.27 and a beta of 0.28. The firm has a 50 day moving average price of $40.34 and a 200 day moving average price of $40.07. The company has a quick ratio of 2.30, a current ratio of 2.48 and a debt-to-equity ratio of 10.30.

Insider Activity at Harrow

In related news, CFO Andrew R. Boll bought 3,500 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average price of $29.90 per share, with a total value of $104,650.00. Following the completion of the transaction, the chief financial officer owned 814,679 shares of the company’s stock, valued at $24,358,902.10. The trade was a 0.43% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Adrienne L. Graves purchased 1,000 shares of Harrow stock in a transaction on Monday, May 18th. The stock was bought at an average cost of $31.07 per share, with a total value of $31,070.00. Following the completion of the acquisition, the director owned 1,000 shares in the company, valued at approximately $31,070. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 12.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in shares of Harrow by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 785,089 shares of the company’s stock valued at $38,477,000 after buying an additional 9,445 shares during the period. Dimensional Fund Advisors LP grew its position in Harrow by 32.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 370,548 shares of the company’s stock worth $18,159,000 after buying an additional 90,331 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Harrow by 28.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 366,533 shares of the company’s stock valued at $17,960,000 after acquiring an additional 80,368 shares during the period. New York State Common Retirement Fund increased its stake in Harrow by 17.9% during the fourth quarter. New York State Common Retirement Fund now owns 252,019 shares of the company’s stock valued at $12,349,000 after acquiring an additional 38,230 shares during the period. Finally, Bank of America Corp DE raised its holdings in Harrow by 266.8% in the 2nd quarter. Bank of America Corp DE now owns 213,448 shares of the company’s stock valued at $6,519,000 after acquiring an additional 155,258 shares in the last quarter. Institutional investors own 72.76% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on HROW. Cantor Fitzgerald decreased their target price on shares of Harrow from $91.00 to $88.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Harrow in a research note on Monday, July 20th. Wall Street Zen cut shares of Harrow from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, BTIG Research reissued a “buy” rating and set a $63.00 target price on shares of Harrow in a research report on Tuesday, July 21st. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Harrow has an average rating of “Moderate Buy” and an average target price of $69.43.

Read Our Latest Research Report on Harrow

About Harrow

(Get Free Report)

Harrow Health, Inc (NASDAQ: HROW) is a U.S.-based commercial-stage biopharmaceutical company specializing in ophthalmic therapeutics and diagnostics. The company focuses on the development, manufacturing and distribution of proprietary, generic and branded eye care products designed to treat a range of ocular conditions, including glaucoma, ocular hypertension, dry eye disease and other anterior segment disorders.

Through its wholly owned affiliate ImprimisRx, Harrow Health offers a direct-to-physician model for customized formulations as well as low-cost generic alternatives.

See Also

Earnings History for Harrow (NASDAQ:HROW)

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