Harrow, Inc. (NASDAQ:HROW) Sees Significant Increase in Short Interest

Harrow, Inc. (NASDAQ:HROW) was the recipient of a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 4,660,000 shares, an increase of 8.9% from the May 31st total of 4,280,000 shares. Based on an average daily volume of 509,600 shares, the days-to-cover ratio is presently 9.1 days.

Insider Activity at Harrow

In other news, major shareholder Opaleye Management Inc. acquired 11,715 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were purchased at an average cost of $10.29 per share, for a total transaction of $120,547.35. Following the transaction, the insider now directly owns 3,786,715 shares in the company, valued at approximately $38,965,297.35. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought a total of 61,115 shares of company stock worth $630,411 in the last ninety days. 13.67% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Opaleye Management Inc. increased its position in shares of Harrow by 2.6% in the first quarter. Opaleye Management Inc. now owns 3,920,600 shares of the company’s stock worth $51,870,000 after acquiring an additional 100,600 shares in the last quarter. Bayesian Capital Management LP purchased a new position in shares of Harrow in the first quarter worth approximately $185,000. Price T Rowe Associates Inc. MD increased its position in shares of Harrow by 6.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 16,672 shares of the company’s stock worth $221,000 after acquiring an additional 1,033 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Harrow by 1.2% in the first quarter. Vanguard Group Inc. now owns 1,829,805 shares of the company’s stock worth $24,208,000 after acquiring an additional 21,253 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Harrow by 12.7% in the first quarter. BNP Paribas Financial Markets now owns 16,941 shares of the company’s stock worth $224,000 after acquiring an additional 1,912 shares in the last quarter. 72.76% of the stock is owned by hedge funds and other institutional investors.

Harrow Stock Performance

Shares of HROW opened at $21.61 on Thursday. The firm’s 50 day moving average is $16.44 and its 200-day moving average is $12.88. The stock has a market capitalization of $764.38 million, a P/E ratio of -23.74 and a beta of 0.77. The company has a debt-to-equity ratio of 3.06, a current ratio of 3.00 and a quick ratio of 2.75. Harrow has a 12-month low of $7.60 and a 12-month high of $22.63.

Harrow (NASDAQ:HROW) last announced its quarterly earnings data on Monday, May 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $34.59 million during the quarter, compared to analyst estimates of $34.37 million. Harrow had a negative return on equity of 39.82% and a negative net margin of 22.59%. Equities research analysts anticipate that Harrow will post -0.51 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on HROW. B. Riley reissued a “buy” rating and set a $29.00 target price (up previously from $26.00) on shares of Harrow in a research note on Wednesday, May 15th. Lake Street Capital lifted their price objective on shares of Harrow from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, June 3rd. Finally, Craig Hallum lifted their price objective on shares of Harrow from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, June 21st.

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.