Rite Aid Corp. (RAD) Shares Gap Up to $7.02
Rite Aid Corp. (NYSE:RAD)’s share price 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 traded.
RAD has been the topic of a number of recent analyst reports. 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 research note on Tuesday, April 26th. Deutsche Bank AG downgraded shares of Rite Aid Corp. from a “buy” rating to a “hold” rating and raised their target price for the company from $8.09 to $9.00 in a research note on Friday, April 8th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Rite Aid Corp. in a research note on Friday, June 17th. Zacks Investment Research raised shares of Rite Aid Corp. from a “sell” rating to a “hold” rating in a research note on Wednesday, June 8th. Finally, Evercore ISI downgraded shares of Rite Aid Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. Rite Aid Corp. presently has a consensus rating of “Hold” and a consensus price target of $9.34.
The company has a market capitalization of $7.50 billion and a P/E ratio of 53.26. The firm has a 50-day moving average of $7.54 and a 200 day moving average of $7.83.
Rite Aid Corp. (NYSE:RAD) last announced its quarterly earnings data on Thursday, June 16th. The company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.05 by $0.04. The company had revenue of $8.18 billion for the quarter. During the same quarter in the prior year, the firm earned $0.02 EPS. Rite Aid Corp.’s revenue was up 23.1% on a year-over-year basis. On average, equities research analysts predict that Rite Aid Corp. will post $0.16 earnings per share for the current year.
In related news, SVP Douglas E. Donley sold 34,106 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president now directly 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 accessible through the SEC website.
A number of hedge funds and institutional investors recently made changes to their positions in RAD. KBC Group increased its position in shares of Rite Aid Corp. by 972.8% in the third quarter. KBC Group now owns 719,167 shares of the company’s stock worth $4,365,000 after buying an additional 652,129 shares during the last quarter. Swiss National Bank increased its stake in Rite Aid Corp. by 4.5% in the fourth quarter. Swiss National Bank now owns 1,844,000 shares of the company’s stock valued at $14,457,000 after buying an additional 79,400 shares in the last quarter. Rhumbline Advisers increased its stake in Rite Aid Corp. by 7.7% in the fourth quarter. Rhumbline Advisers now owns 858,943 shares of the company’s stock valued at $6,734,000 after buying an additional 61,550 shares in the last quarter. New York State Common Retirement Fund increased its stake in Rite Aid Corp. by 8.1% in the fourth quarter. New York State Common Retirement Fund now owns 3,320,915 shares of the company’s stock valued at $26,036,000 after buying an additional 250,205 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in 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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