Rite Aid Corp. (RAD) Shares Down 1.2%
Rite Aid Corp. (NYSE:RAD) was down 1.2% on Thursday . The company traded as low as $7.26 and last traded at $7.32, with a volume of 7,550,708 shares. The stock had previously closed at $7.41.
A number of equities research analysts have recently weighed in on RAD shares. Zacks Investment Research downgraded Rite Aid Corp. from a “hold” rating to a “sell” rating in a research report on Monday, April 11th. Vetr downgraded Rite Aid Corp. from a “strong-buy” rating to a “buy” rating and set a $9.03 price objective for the company. in a report on Monday, May 9th. Evercore ISI downgraded Rite Aid Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 1st. Credit Suisse Group AG reiterated an “outperform” rating and issued a $9.00 price objective on shares of Rite Aid Corp. in a report on Tuesday, March 15th. Finally, JPMorgan Chase & Co. reiterated a “hold” rating on shares of Rite Aid Corp. in a report on Friday, June 17th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $9.34.
The firm has a 50-day moving average of $7.67 and a 200-day moving average of $7.87. The stock has a market capitalization of $7.60 billion and a P/E ratio of 54.00.
Rite Aid Corp. (NYSE:RAD) last released its quarterly earnings data on Thursday, June 16th. The company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.04. During the same quarter in the prior year, the business posted $0.02 EPS. The company earned $8.18 billion during the quarter. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. Equities analysts anticipate that Rite Aid Corp. will post $0.17 EPS for the current fiscal year.
In related news, SVP Douglas E. Donley sold 34,106 shares of the firm’s stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $7.77, for a total transaction of $265,003.62. Following the sale, the senior vice president now owns 82,885 shares of the company’s stock, valued at approximately $644,016.45. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.
Other large investors have recently added to or reduced their stakes in the company. Gabelli Funds LLC purchased a new stake in Rite Aid Corp. during the fourth quarter valued at $17,353,000. Gamco Investors INC. ET AL bought a new position in shares of Rite Aid Corp. during the fourth quarter valued at approximately $5,624,000. Gabelli Securities Inc. bought a new position in shares of Rite Aid Corp. during the fourth quarter valued at approximately $8,169,000. Kellner Capital LLC bought a new position in shares of Rite Aid Corp. during the fourth quarter valued at approximately $1,398,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in shares of Rite Aid Corp. during the fourth quarter valued at approximately $4,312,000.
Rite Aid Corporation is a retail drugstore chain. The Company sells prescription drugs and a range of other merchandise, which are referred to as front-end products. The Company’s drugstores’ primary business is pharmacy services. It operates approximately 4,570 stores in 31 states across the country and in the District of Columbia.
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