Rite Aid Corp. (NYSE:RAD) shares gapped up before the market opened on Friday . The stock had previously closed at $6.85, but opened at $7.02. Rite Aid Corp. shares last traded at $7.29, with a volume of 26,244,001 shares.

RAD has been the topic of a number of research analyst reports. Vetr lowered Rite Aid Corp. from a “strong-buy” rating to a “buy” rating and set a $9.03 target price on the stock. in a report on Tuesday, April 26th. Deutsche Bank AG lowered Rite Aid Corp. from a “buy” rating to a “hold” rating and lifted their target price for the stock from $8.09 to $9.00 in a report on Friday, April 8th. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Rite Aid Corp. in a report on Friday, June 17th. Zacks Investment Research raised Rite Aid Corp. from a “sell” rating to a “hold” rating in a report on Wednesday, June 8th. Finally, Evercore ISI lowered Rite Aid Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $9.34.

The firm has a market capitalization of $7.50 billion and a PE ratio of 53.26. The company has a 50 day moving average price of $7.55 and a 200 day moving average price of $7.83.

Rite Aid Corp. (NYSE:RAD) last issued its quarterly earnings results on Thursday, June 16th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by $0.04. During the same quarter last year, the firm earned $0.02 EPS. The firm earned $8.18 billion during the quarter. The firm’s revenue was up 23.1% on a year-over-year basis. Equities research analysts predict that Rite Aid Corp. will post $0.16 earnings per share for the current fiscal year.

In other news, SVP Douglas E. Donley sold 34,106 shares of the company’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 transaction, the senior vice president now owns 82,885 shares of the company’s stock, valued at $644,016.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Several institutional investors have recently modified their holdings of the stock. Gulf International Bank UK Ltd raised its position in shares of Rite Aid Corp. by 0.5% in the fourth quarter. Gulf International Bank UK Ltd now owns 279,500 shares of the company’s stock valued at $2,191,000 after buying an additional 1,500 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Rite Aid Corp. during the fourth quarter valued at about $11,529,000. GAM Holding AG raised its position in shares of Rite Aid Corp. by 18.4% in the fourth quarter. GAM Holding AG now owns 232,883 shares of the company’s stock valued at $1,826,000 after buying an additional 36,269 shares during the period. Vanguard Group Inc. raised 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 period. Finally, State of Wisconsin Investment Board raised its position in shares of Rite Aid Corp. by 2,194.2% in the fourth quarter. State of Wisconsin Investment Board now owns 1,192,720 shares of the company’s stock valued at $9,351,000 after buying an additional 1,140,731 shares during the period.

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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