FirstWave Capital Management LLC Raises Position in Harrow, Inc. $HROW

Key Points

• FirstWave Capital Management increased its Harrow position by 47.3% in the second quarter, owning 211,981 shares valued at approximately $9.0 million. Institutional investors collectively hold 72.76% of the company.
• Analyst sentiment remains mixed but leans positive: Harrow has a consensus rating of “Moderate Buy” and an average price target of $69.43, despite recent downgrades from some firms and an insider sale of 11,250 shares.
• Harrow reported a quarterly loss of $0.46 per share, missing estimates by $0.28, while revenue of $70.66 million slightly exceeded expectations. Shares opened at $38.54, within a 12-month range of $28.54 to $54.85.

FirstWave Capital Management LLC boosted its position in Harrow, Inc. (NASDAQ:HROW - Free Report) by 47.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 211,981 shares of the company's stock after buying an additional 68,058 shares during the quarter. Harrow makes up about 4.0% of FirstWave Capital Management LLC's investment portfolio, making the stock its 7th biggest holding. FirstWave Capital Management LLC owned approximately 0.57% of Harrow worth $9,003,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. University of Texas Texas AM Investment Management Co. bought a new position in Harrow during the 4th quarter worth approximately $26,000. KBC Group NV bought a new stake in shares of Harrow in the 1st quarter valued at approximately $31,000. Raymond James Financial Inc. acquired a new stake in shares of Harrow during the 2nd quarter valued at approximately $48,000. SBI Securities Co. Ltd. raised its position in shares of Harrow by 393.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 1,061 shares of the company's stock valued at $52,000 after acquiring an additional 846 shares in the last quarter. Finally, First Bancorp Inc ME bought a new position in Harrow during the second quarter worth $64,000. 72.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Harrow news, insider Amir Shojaei sold 11,250 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $40.00, for a total value of $450,000.00. Following the completion of the transaction, the insider owned 11,250 shares in the company, valued at approximately $450,000. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 12.80% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on HROW. Wall Street Zen upgraded shares of Harrow from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Weiss Ratings restated a "sell (e+)" rating on shares of Harrow in a research report on Monday, July 20th. BTIG Research reaffirmed a "buy" rating and issued a $63.00 price target on shares of Harrow in a report on Tuesday, August 11th. Cantor Fitzgerald lowered their price objective 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. Finally, Zacks Research lowered shares of Harrow from a "hold" rating to a "strong sell" rating in a research note on Tuesday, August 11th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $69.43.

Harrow Price Performance

Shares of HROW opened at $38.54 on Friday. The company has a market cap of $1.44 billion, a P/E ratio of -38.54 and a beta of 0.24. The stock has a fifty day moving average price of $40.85 and a 200 day moving average price of $39.23. The company has a debt-to-equity ratio of 19.70, a current ratio of 2.24 and a quick ratio of 2.08. Harrow, Inc. has a 12 month low of $28.54 and a 12 month high of $54.85.

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

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.

Want to see what other hedge funds are holding HROW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Harrow, Inc. (NASDAQ:HROW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source