Harrow (NASDAQ:HROW) Sees Unusually-High Trading Volume – Here’s Why

Harrow, Inc. (NASDAQ:HROW) shares saw unusually-high trading volume on Thursday . Approximately 781,792 shares changed hands during trading, an increase of 5% from the previous session’s volume of 747,299 shares.The stock last traded at $31.81 and had previously closed at $30.86.

Analyst Ratings Changes

HROW has been the subject of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and set a $70.00 price target on shares of Harrow in a research report on Thursday, March 19th. Cantor Fitzgerald decreased their price target 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. Wall Street Zen downgraded shares of Harrow from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. BTIG Research restated a “buy” rating and set a $63.00 price objective on shares of Harrow in a research note on Tuesday, May 12th. Finally, Zacks Research upgraded 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 assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $69.43.

Harrow Price Performance

The company has a 50 day moving average of $36.21 and a 200-day moving average of $42.02. The stock has a market capitalization of $1.21 billion, a P/E ratio of -79.05 and a beta of 0.34. The company has a quick ratio of 2.30, a current ratio of 2.48 and a debt-to-equity ratio of 10.30.

Harrow (NASDAQ:HROW) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $52.43 million. During the same quarter last year, the business earned ($0.38) earnings per share. Sell-side analysts predict that Harrow, Inc. will post 0.29 EPS for the current year.

Insiders Place Their Bets

In related news, Director Adrienne L. Graves bought 1,000 shares of the business’s stock in a transaction on Monday, May 18th. The shares were bought at an average cost of $31.07 per share, for a total transaction of $31,070.00. Following the completion of the purchase, the director owned 1,000 shares of the company’s stock, valued at $31,070. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew R. Boll bought 3,500 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was bought at an average price of $29.90 per share, for a total transaction of $104,650.00. Following the completion of the purchase, the chief financial officer directly owned 814,679 shares of the company’s stock, valued at $24,358,902.10. The trade was a 0.43% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Harrow

Hedge funds have recently added to or reduced their stakes in the stock. University of Texas Texas AM Investment Management Co. bought a new stake in Harrow in the fourth quarter valued at $26,000. KBC Group NV bought a new stake in Harrow in the first quarter valued at $31,000. SBI Securities Co. Ltd. lifted its stake in Harrow by 393.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,061 shares of the company’s stock valued at $52,000 after buying an additional 846 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Harrow in the second quarter valued at $48,000. Finally, State of Alaska Department of Revenue bought a new stake in Harrow in the third quarter valued at $83,000. 72.76% of the stock is currently owned by institutional investors.

Harrow Company 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.