Harrow (NASDAQ: HROW) announced its quarterly earnings results on Monday, reporting earnings per share of $0.33 for the third quarter of 2023. This figure exceeded analysts’ consensus estimates of $0.22 by $0.11, according to Zacks. Despite this positive outcome, the company recorded a negative net margin of 4.49% and a negative return on equity of 2.18%.
Revenue for the quarter reached $71.64 million, falling short of analyst expectations, which had forecasted $73.70 million. Following the earnings announcement, Harrow’s stock opened at $40.81 on Wednesday, reflecting a jump of 5.3%.
Investors are closely monitoring Harrow’s financial health. The company holds a debt-to-equity ratio of 0.78, with a quick ratio of 0.58 and a current ratio of 0.62. Its market capitalization stands at $1.51 billion, while the price-to-earnings (P/E) ratio is notably negative at -162.56. The stock has shown volatility, with a 50-day moving average price of $40.67 and a 200-day moving average price of $34.84. Over the past year, the stock has fluctuated between a low of $20.85 and a high of $54.19.
Several institutional investors have recently adjusted their holdings in Harrow. For instance, Raymond James Financial Inc. acquired a new position valued at $48,000 in the second quarter. Additionally, Tower Research Capital LLC increased its stake by 345.0%, now owning 3,373 shares valued at $103,000 after buying 2,615 shares during the same period. Other notable transactions include Strs Ohio acquiring a new stake worth approximately $149,000 and Royal Bank of Canada raising its position by 102.5%, now holding 9,813 shares valued at $261,000.
Harrow’s stock is primarily held by institutional investors, who own 72.76% of the company’s shares.
The company operates as an ophthalmic-focused healthcare provider and owns ImprimisRx, which specializes in ophthalmology outsourcing and pharmaceutical compounding. Harrow was previously known as Imprimis Pharmaceuticals, Inc. before rebranding in December 2018. Established in 2006, Harrow is headquartered in Nashville, Tennessee, and continues to expand its footprint in the healthcare industry.
As Harrow navigates its financial landscape, investors will be keen to see how the company capitalizes on its recent earnings performance and addresses its revenue shortfall in the coming quarters.
