Harrow (NASDAQ:HROW) Hits New 52-Week High – Time to Buy?

Shares of Harrow, Inc. (NASDAQ:HROW) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $49.10 and last traded at $48.04, with a volume of 85355 shares. The stock had previously closed at $45.88.

Analyst Upgrades and Downgrades

HROW has been the subject of a number of recent analyst reports. Craig Hallum raised their price objective on Harrow from $45.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday. Lake Street Capital raised their price target on Harrow from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Friday. Finally, B. Riley restated a “buy” rating and set a $50.00 price objective on shares of Harrow in a report on Thursday, August 29th.

Harrow Stock Performance

The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -55.35 and a beta of 0.75. The company has a current ratio of 2.60, a quick ratio of 2.43 and a debt-to-equity ratio of 3.18. The firm has a 50-day moving average of $38.93 and a 200-day moving average of $24.31.

Harrow (NASDAQ:HROW) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.12. Harrow had a negative net margin of 21.78% and a negative return on equity of 40.59%. The company had revenue of $48.94 million during the quarter, compared to analyst estimates of $42.78 million. As a group, sell-side analysts predict that Harrow, Inc. will post -0.14 earnings per share for the current year.

Institutional Investors Weigh In On Harrow

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in Harrow during the third quarter valued at approximately $534,000. Creative Planning increased its holdings in shares of Harrow by 96.8% during the 2nd quarter. Creative Planning now owns 29,486 shares of the company’s stock valued at $616,000 after purchasing an additional 14,500 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Harrow by 5.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,865 shares of the company’s stock valued at $248,000 after purchasing an additional 567 shares during the period. Deerfield Management Company L.P. Series C boosted its holdings in Harrow by 55.7% during the second quarter. Deerfield Management Company L.P. Series C now owns 25,447 shares of the company’s stock worth $532,000 after buying an additional 9,105 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in Harrow during the second quarter worth $1,112,000. 72.76% of the stock is owned by institutional investors and hedge funds.

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.