BlackRock Inc. Buys New Position in Harrow, Inc. $HROW

Key Points

• BlackRock acquired 2.74 million Harrow shares worth approximately $116.4 million, giving it a 7.35% stake. Institutional investors collectively own 72.76% of the company.
• Harrow’s latest quarterly results were mixed: revenue of $70.66 million slightly exceeded estimates, but adjusted EPS came in at a loss of $0.46, missing expectations by $0.28.
• The stock opened at $37.27, down 3.3%, while analyst sentiment remains a “Moderate Buy” with a consensus price target of $69.43; ratings range from buy to sell.

BlackRock Inc. bought a new stake in shares of Harrow, Inc. (NASDAQ:HROW - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,740,117 shares of the company's stock, valued at approximately $116,373,000. BlackRock Inc. owned about 7.35% of Harrow at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Rice Hall James & Associates LLC bought a new stake in shares of Harrow during the 2nd quarter worth $16,459,000. Dimensional Fund Advisors LP increased its stake in Harrow by 56.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 579,520 shares of the company's stock worth $20,428,000 after purchasing an additional 208,972 shares in the last quarter. Luxor Capital Group LP increased its stake in Harrow by 22.0% in the 1st quarter. Luxor Capital Group LP now owns 1,119,400 shares of the company's stock worth $39,470,000 after purchasing an additional 201,859 shares in the last quarter. Bank of America Corp DE raised its holdings in Harrow by 266.8% during the 2nd quarter. Bank of America Corp DE now owns 213,448 shares of the company's stock worth $6,519,000 after buying an additional 155,258 shares during the period. Finally, Invesco Ltd. raised its holdings in Harrow by 967.6% during the 2nd quarter. Invesco Ltd. now owns 150,948 shares of the company's stock worth $4,610,000 after buying an additional 136,809 shares during the period. 72.76% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Amir Shojaei sold 11,250 shares of the firm's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $40.00, for a total value of $450,000.00. Following the completion of the transaction, the insider directly owned 11,250 shares of the company's stock, valued at $450,000. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 12.80% of the company's stock.

Harrow Trading Down 3.3%

Harrow stock opened at $37.27 on Friday. Harrow, Inc. has a one year low of $28.54 and a one year high of $54.85. The company's fifty day moving average price is $41.28 and its two-hundred day moving average price is $39.57. The company has a debt-to-equity ratio of 19.70, a current ratio of 2.24 and a quick ratio of 2.08. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of -37.27 and a beta of 0.28.

Harrow (NASDAQ:HROW - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.46) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.28). Harrow had a negative net margin of 13.51% and a negative return on equity of 38.00%. The firm had revenue of $70.66 million during the quarter, compared to the consensus estimate of $70.35 million.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on HROW shares. Cantor Fitzgerald lowered their price objective on shares of Harrow from $91.00 to $88.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 13th. Zacks Research lowered Harrow from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 11th. BTIG Research reaffirmed a "buy" rating and issued a $63.00 target price on shares of Harrow in a research report on Tuesday, August 11th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Harrow in a report on Monday, July 20th. Finally, Wall Street Zen raised Harrow from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Harrow has a consensus rating of "Moderate Buy" and a consensus target price of $69.43.

Harrow Profile

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.

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