Rite Aid Corp. (RAD) Sees Unusually-High Trading Volume
Shares of Rite Aid Corp. (NYSE:RAD) saw an uptick in trading volume on Monday . 17,249,072 shares changed hands during trading, a decline of 8% from the previous session’s volume of 18,690,076 shares.The stock last traded at $6.94 and had previously closed at $7.10.
A number of research firms have recently weighed in on RAD. Zacks Investment Research downgraded shares of Rite Aid Corp. from a “hold” rating to a “sell” rating in a report on Monday, April 11th. Vetr downgraded shares of Rite Aid Corp. from a “strong-buy” rating to a “buy” rating and set a $9.03 price target on the stock. in a report on Wednesday, April 20th. Deutsche Bank AG downgraded shares of Rite Aid Corp. from a “buy” rating to a “hold” rating and raised their price target for the company from $8.09 to $9.00 in a report on Friday, April 8th. Evercore ISI downgraded shares of Rite Aid Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 1st. Finally, JPMorgan Chase & Co. restated a “hold” rating on shares of Rite Aid Corp. in a report on Friday, June 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Rite Aid Corp. presently has a consensus rating of “Hold” and an average price target of $9.34.
The company has a market cap of $7.17 billion and a P/E ratio of 50.96. The stock has a 50-day moving average of $7.63 and a 200-day moving average of $7.85.
Rite Aid Corp. (NYSE:RAD) last released its quarterly earnings results 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. The firm had revenue of $8.18 billion for the quarter. Rite Aid Corp.’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.02 earnings per share. Analysts forecast that Rite Aid Corp. will post $0.17 earnings per share for the current year.
In related news, SVP Douglas E. Donley sold 34,106 shares of the stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $7.77, for a total transaction of $265,003.62. Following the completion of the transaction, the senior vice president now owns 82,885 shares in the company, valued at $644,016.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
A number of hedge funds and institutional investors have made changes to their positions in RAD. Iridian Asset Management LLC CT boosted its position in shares of 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 during the last quarter. Bank of Montreal Can boosted its position in shares of 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 during the last quarter. Gabelli Funds LLC acquired a new position in shares of Rite Aid Corp. during the fourth quarter valued at approximately $17,353,000. Gabelli Securities Inc. acquired a new position in shares of Rite Aid Corp. during the fourth quarter valued at approximately $8,169,000. Finally, Vanguard Group Inc. boosted its position in shares of Rite Aid Corp. by 6.7% in the fourth quarter. Vanguard Group Inc. now owns 70,299,320 shares of the company’s stock valued at $551,146,000 after buying an additional 4,417,367 shares during the last quarter.
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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