Harrow (NASDAQ:HROW) Shares Gap Up Following Earnings Beat

Key Points

• Harrow, Inc. (NASDAQ:HROW) shares saw a significant increase, opening at $36.00 after closing at $33.74, though they last traded at $30.93.
• Analysts are optimistic about Harrow's future, with a consensus "Buy" rating and an average price target of $63.83.
• The company has a market cap of $1.18 billion and is significantly backed by institutional investors, holding 72.76% of the stock.

Harrow, Inc. (NASDAQ:HROW - Get Free Report) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $33.74, but opened at $36.00. Harrow shares last traded at $30.93, with a volume of 377,010 shares.

The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.01 by $0.23. The business had revenue of $63.74 million for the quarter, compared to the consensus estimate of $64.23 million. Harrow had a negative return on equity of 2.18% and a negative net margin of 4.49%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on HROW shares. HC Wainwright set a $64.00 price objective on Harrow and gave the stock a "buy" rating in a report on Wednesday. William Blair started coverage on Harrow in a research report on Tuesday, June 10th. They issued an "outperform" rating on the stock. BTIG Research reaffirmed a "buy" rating and issued a $63.00 target price (up from $62.00) on shares of Harrow in a research report on Thursday. Finally, Cantor Fitzgerald started coverage on Harrow in a research report on Friday, July 11th. They issued an "overweight" rating and a $76.00 target price on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $64.67.

Institutional Investors Weigh In On Harrow

A number of institutional investors have recently made changes to their positions in HROW. GF Fund Management CO. LTD. bought a new stake in shares of Harrow in the 4th quarter valued at approximately $25,000. Quarry LP bought a new stake in shares of Harrow in the 1st quarter valued at approximately $32,000. Raymond James Financial Inc. bought a new stake in shares of Harrow in the 2nd quarter valued at approximately $48,000. Tower Research Capital LLC TRC increased its holdings in shares of Harrow by 769.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,652 shares of the company's stock valued at $55,000 after acquiring an additional 1,462 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in shares of Harrow in the 4th quarter valued at approximately $78,000. 72.76% of the stock is currently owned by institutional investors.

Harrow Stock Up 9.6%

The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.85 and a current ratio of 0.62. The firm has a market capitalization of $1.48 billion, a P/E ratio of -160.04 and a beta of 0.41. The stock has a fifty day moving average price of $32.99 and a two-hundred day moving average price of $28.87.

Harrow Company Profile

Harrow, Inc operates as an ophthalmic-focused healthcare company. The company owns ImprimisRx, an ophthalmology outsourcing and pharmaceutical compounding business. The company was formerly known as Imprimis Pharmaceuticals, Inc and changed its name to Harrow Health, Inc in December 2018. Harrow Health, Inc was incorporated in 2006 and is headquartered in Nashville, Tennessee.