Harrow (NASDAQ:HROW) Stock Price Down 7.7% on Analyst Downgrade

Harrow, Inc. (NASDAQ:HROW)’s stock price dropped 7.7% during trading on Tuesday after B. Riley lowered their price target on the stock from $69.00 to $65.00. B. Riley currently has a buy rating on the stock. Harrow traded as low as $24.53 and last traded at $24.55. Approximately 152,015 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 497,613 shares. The stock had previously closed at $26.60.

Separately, HC Wainwright restated a “buy” rating and issued a $57.00 target price on shares of Harrow in a report on Monday.

Hedge Funds Weigh In On Harrow

Institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. purchased a new position in shares of Harrow during the fourth quarter valued at $25,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Harrow by 89.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 61,940 shares of the company’s stock worth $2,078,000 after buying an additional 29,262 shares during the period. Two Sigma Advisers LP raised its position in shares of Harrow by 30.4% in the 4th quarter. Two Sigma Advisers LP now owns 38,200 shares of the company’s stock worth $1,282,000 after acquiring an additional 8,900 shares in the last quarter. Two Sigma Investments LP grew its stake in Harrow by 483.2% in the fourth quarter. Two Sigma Investments LP now owns 150,355 shares of the company’s stock valued at $5,044,000 after purchasing an additional 124,574 shares during the last quarter. Finally, Rafferty Asset Management LLC bought a new position in shares of Harrow during the 4th quarter worth approximately $270,000. 72.76% of the stock is owned by hedge funds and other institutional investors.

Harrow Stock Performance

The business has a 50-day moving average price of $28.36 and a 200-day moving average price of $37.63. The company has a quick ratio of 1.44, a current ratio of 1.55 and a debt-to-equity ratio of 3.23. The firm has a market capitalization of $927.77 million, a price-to-earnings ratio of -27.71 and a beta of 0.69.

Harrow (NASDAQ:HROW) last posted its quarterly earnings data on Thursday, March 27th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.14. The firm had revenue of $66.83 million for the quarter, compared to the consensus estimate of $66.01 million. Harrow had a negative net margin of 19.75% and a negative return on equity of 45.57%. As a group, sell-side analysts forecast that Harrow, Inc. will post -0.53 earnings per share for the current year.

About Harrow

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.