Rite Aid Corp. (RAD) Shares Down 1.2%
Rite Aid Corp. (NYSE:RAD) shares dropped 1.2% during trading on Thursday . The stock traded as low as $7.26 and last traded at $7.32, with a volume of 7,550,708 shares trading hands. The stock had previously closed at $7.41.
RAD has been the subject of several research analyst reports. Vetr downgraded shares of Rite Aid Corp. from a “strong-buy” rating to a “buy” rating and set a $9.03 price objective for the company. in a research report on Tuesday, April 26th. Deutsche Bank AG downgraded shares of Rite Aid Corp. from a “buy” rating to a “hold” rating and boosted their price objective for the company from $8.09 to $9.00 in a research report on Friday, April 8th. JPMorgan Chase & Co. restated a “hold” rating on shares of Rite Aid Corp. in a research report on Friday, June 17th. Zacks Investment Research upgraded shares of Rite Aid Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, June 8th. Finally, Evercore ISI downgraded shares of Rite Aid Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. Rite Aid Corp. presently has a consensus rating of “Hold” and a consensus target price of $9.34.
The firm has a 50 day moving average of $7.65 and a 200 day moving average of $7.86. The firm has a market cap of $7.40 billion and a P/E ratio of 52.59.
Rite Aid Corp. (NYSE:RAD) last posted its earnings results on Thursday, June 16th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.04. The business had revenue of $8.18 billion for the quarter. During the same period in the previous year, the firm posted $0.02 EPS. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. Equities analysts forecast that Rite Aid Corp. will post $0.17 EPS for the current year.
In other Rite Aid Corp. news, SVP Douglas E. Donley sold 34,106 shares of the stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $7.77, for a total value of $265,003.62. Following the sale, the senior vice president now directly owns 82,885 shares in the company, valued at approximately $644,016.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
A number of hedge funds have recently bought and sold shares of the company. Iridian Asset Management LLC CT boosted its stake in Rite Aid Corp. by 29.9% in the fourth quarter. Iridian Asset Management LLC CT now owns 29,603,960 shares of the company’s stock valued at $232,095,000 after buying an additional 6,807,330 shares in the last quarter. Bank of Montreal Can boosted its stake in Rite Aid Corp. by 34.9% in the fourth quarter. Bank of Montreal Can now owns 1,326,685 shares of the company’s stock valued at $10,401,000 after buying an additional 343,535 shares in the last quarter. Gabelli Funds LLC purchased a new stake in Rite Aid Corp. during the fourth quarter valued at about $17,353,000. Gabelli Securities Inc. purchased a new stake in Rite Aid Corp. during the fourth quarter valued at about $8,169,000. Finally, Kellner Capital LLC purchased a new stake in Rite Aid Corp. during the fourth quarter valued at about $1,398,000.
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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