Harrow, Inc. $HROW Stock Position Raised by Penn Capital Management Company LLC

Key Points

• Penn Capital Management increased its Harrow stake by 20.5% in Q4, holding 392,067 shares worth about $19.3 million and making HROW its 10th-largest position.
• Institutional interest remains high, with 72.76% of Harrow shares owned by hedge funds and other institutional investors; several firms also added to positions during the quarter.
• Harrow has a Moderate Buy analyst consensus with an average price target of $69.43, even as the stock has seen mixed signals from recent rating changes and a weaker-than-expected quarterly earnings report.

Penn Capital Management Company LLC boosted its stake in Harrow, Inc. (NASDAQ:HROW - Free Report) by 20.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 392,067 shares of the company's stock after purchasing an additional 66,589 shares during the quarter. Harrow comprises approximately 1.5% of Penn Capital Management Company LLC's portfolio, making the stock its 10th biggest holding. Penn Capital Management Company LLC owned approximately 1.06% of Harrow worth $19,257,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. 12th Street Asset Management Company LLC purchased a new stake in Harrow in the fourth quarter valued at approximately $4,465,000. Larson Financial Group LLC raised its stake in Harrow by 13.1% in the fourth quarter. Larson Financial Group LLC now owns 2,446 shares of the company's stock valued at $120,000 after purchasing an additional 284 shares in the last quarter. ProShare Advisors LLC raised its stake in Harrow by 10.3% in the fourth quarter. ProShare Advisors LLC now owns 7,406 shares of the company's stock valued at $363,000 after purchasing an additional 693 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in Harrow by 73.1% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 9,000 shares of the company's stock valued at $441,000 after purchasing an additional 3,800 shares in the last quarter. Finally, Blackhawk Capital Partners LLC raised its stake in Harrow by 23.2% in the fourth quarter. Blackhawk Capital Partners LLC now owns 134,758 shares of the company's stock valued at $6,603,000 after purchasing an additional 25,337 shares in the last quarter. 72.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on HROW. Nomura downgraded shares of Harrow to a "neutral" rating in a research note on Wednesday, March 18th. HC Wainwright reaffirmed a "buy" rating and issued a $70.00 target price on shares of Harrow in a research note on Thursday, March 19th. Wall Street Zen downgraded shares of Harrow from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. BTIG Research reissued a "buy" rating and set a $63.00 price target on shares of Harrow in a research note on Tuesday, May 12th. Finally, Zacks Research raised shares of Harrow from a "strong sell" rating to a "hold" rating in a research note on Friday, April 3rd. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $69.43.

Insider Activity at Harrow

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

Harrow Stock Up 3.5%

Shares of Harrow stock opened at $34.17 on Wednesday. The company has a debt-to-equity ratio of 10.30, a quick ratio of 2.30 and a current ratio of 2.48. Harrow, Inc. has a 52-week low of $25.53 and a 52-week high of $54.85. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of -83.34 and a beta of 0.34. The company's 50 day moving average price is $36.02 and its 200-day moving average price is $41.94.

Harrow (NASDAQ:HROW - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.31). Harrow had a positive return on equity of 19.59% and a negative net margin of 5.57%.The firm had revenue of $44.20 million during the quarter, compared to the consensus estimate of $52.43 million. During the same quarter in the prior year, the business posted ($0.38) EPS. Equities research analysts forecast that Harrow, Inc. will post 0.29 EPS for the current year.

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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