Harrow, Inc. (NASDAQ:HROW) Short Interest Up 8.9% in June

Harrow, Inc. (NASDAQ:HROW) saw a significant increase in short interest in 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 short-interest ratio is presently 9.1 days.

Analysts Set New Price Targets

HROW has been the topic of a number of recent research reports. Craig Hallum raised their price objective on Harrow from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Lake Street Capital lifted their price target on Harrow from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, June 3rd. Finally, B. Riley reiterated a “buy” rating and issued a $29.00 price target (up previously from $26.00) on shares of Harrow in a research note on Wednesday, May 15th.

Insider Transactions at Harrow

In other news, major shareholder Opaleye Management Inc. bought 20,000 shares of the stock in a transaction dated Thursday, April 25th. The shares were bought at an average price of $9.97 per share, for a total transaction of $199,400.00. Following the completion of the purchase, the insider now owns 3,815,000 shares in the company, valued at $38,035,550. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have bought 61,115 shares of company stock worth $630,411. Company insiders own 13.67% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in HROW. Stifel Financial Corp acquired a new position in shares of Harrow in the 3rd quarter valued at about $4,887,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Harrow by 66.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 55,842 shares of the company’s stock valued at $802,000 after buying an additional 22,372 shares in the last quarter. Trexquant Investment LP bought a new stake in Harrow in the 3rd quarter valued at about $632,000. Kennedy Capital Management LLC bought a new stake in Harrow in the 3rd quarter valued at about $1,750,000. Finally, Westside Investment Management Inc. increased its position in Harrow by 18.9% in the 3rd quarter. Westside Investment Management Inc. now owns 159,019 shares of the company’s stock valued at $2,285,000 after buying an additional 25,275 shares in the last quarter. 72.76% of the stock is owned by institutional investors and hedge funds.

Harrow Price Performance

Shares of HROW opened at $21.05 on Tuesday. Harrow has a 12 month low of $7.60 and a 12 month high of $22.63. The stock’s 50-day moving average price is $16.00 and its two-hundred day moving average price is $12.74. The company has a quick ratio of 2.75, a current ratio of 3.00 and a debt-to-equity ratio of 3.06.

Harrow (NASDAQ:HROW) last announced its earnings results on Monday, May 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $34.59 million for 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%. As a group, research analysts expect that Harrow will post -0.51 EPS 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.