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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.