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

Key Points

• Harrow missed quarterly earnings expectations: EPS was a loss of $0.46 versus the $0.18 loss analysts expected, while revenue of $70.66 million slightly exceeded the $70.35 million consensus estimate.
• Shares rose 0.6% to $40.70 after the report. The stock has a consensus “Moderate Buy” rating from analysts, with an average price target of $69.43, though some firms recently lowered ratings or targets.
• Company insiders recently bought shares, including the CFO’s $104,650 purchase and a director’s $31,070 purchase. Insiders own 12.8% of Harrow, while institutional investors hold 72.76%.

Harrow (NASDAQ:HROW - Get Free Report) issued its quarterly earnings data on Monday. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.28), FiscalAI reports. The company had revenue of $70.66 million for the quarter, compared to the consensus estimate of $70.35 million. Harrow had a positive return on equity of 19.59% and a negative net margin of 5.57%.

Harrow Stock Up 0.6%

Shares of NASDAQ HROW traded up $0.26 during midday trading on Monday, hitting $40.70. 786,833 shares of the stock traded hands, compared to its average volume of 727,567. 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 has a one year low of $28.54 and a one year high of $54.85. The business has a 50 day moving average price of $40.34 and a two-hundred day moving average price of $40.07. The company has a market cap of $1.52 billion, a PE ratio of -99.27 and a beta of 0.28.

Wall Street Analyst Weigh In

A number of research firms have weighed in on HROW. 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. Cantor Fitzgerald dropped their price target 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. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Harrow in a research note on Monday, July 20th. Finally, Wall Street Zen cut shares of Harrow from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $69.43.

Insiders Place Their Bets

In other Harrow news, CFO Andrew R. Boll purchased 3,500 shares of Harrow stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average price of $29.90 per share, with a total value of $104,650.00. Following the transaction, the chief financial officer owned 814,679 shares in the company, valued at $24,358,902.10. This trade represents a 0.43% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Adrienne L. Graves acquired 1,000 shares of the stock in a transaction on Monday, May 18th. The shares were acquired at an average price of $31.07 per share, for a total transaction of $31,070.00. Following the acquisition, the director 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 owned by company insiders.

Hedge Funds Weigh In On Harrow

Several large investors have recently added to or reduced their stakes in the business. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Harrow in the fourth quarter worth approximately $26,000. Raymond James Financial Inc. purchased a new position in Harrow during the 2nd quarter worth $48,000. Larson Financial Group LLC boosted its holdings in Harrow by 848.2% during the third quarter. Larson Financial Group LLC now owns 2,162 shares of the company's stock worth $104,000 after purchasing an additional 1,934 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Harrow by 345.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,373 shares of the company's stock worth $103,000 after buying an additional 2,615 shares during the last quarter. Finally, Strs Ohio purchased a new position in Harrow in the first quarter worth $149,000. Institutional investors own 72.76% of the company's stock.

About Harrow

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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