Rite Aid Corp. (RAD) Stock Price Down 2.4%
Rite Aid Corp. (NYSE:RAD)’s share price was down 2.4% on Monday . The stock traded as low as $7.00 and last traded at $7.02, with a volume of 13,879,829 shares changing hands. The stock had previously closed at $7.19.
Several equities analysts have weighed in on RAD shares. 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 research note on Tuesday, April 26th. Deutsche Bank AG downgraded Rite Aid Corp. from a “buy” rating to a “hold” rating and increased their price target for the stock from $8.09 to $9.00 in a report on Friday, April 8th. JPMorgan Chase & Co. restated a “hold” rating on shares of Rite Aid Corp. in a report on Friday, June 17th. Zacks Investment Research upgraded Rite Aid Corp. from a “sell” rating to a “hold” rating in a report on Wednesday, June 8th. Finally, Evercore ISI downgraded Rite Aid Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $9.34.
The firm’s 50-day moving average price is $7.54 and its 200-day moving average price is $7.83. The company has a market capitalization of $7.31 billion and a PE ratio of 51.93.
Rite Aid Corp. (NYSE:RAD) last released its quarterly earnings results on Thursday, June 16th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by $0.04. The business earned $8.18 billion during the quarter. Rite Aid Corp.’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period last year, the firm posted $0.02 EPS. Analysts predict that Rite Aid Corp. will post $0.16 EPS for the current year.
In other Rite Aid Corp. news, SVP Douglas E. Donley sold 34,106 shares of the company’s stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $7.77, for a total value of $265,003.62. Following the sale, the senior vice president now 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 available at this link.
Several large investors recently added to or reduced their stakes in the stock. KBC Group raised its stake in 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 period. Rhumbline Advisers increased its position in shares of Rite Aid Corp. by 7.7% in the fourth quarter. Rhumbline Advisers now owns 858,943 shares of the company’s stock worth $6,734,000 after buying an additional 61,550 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of 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 worth $26,036,000 after buying an additional 250,205 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in shares of Rite Aid Corp. during the fourth quarter worth about $4,312,000. Finally, Gamco Investors INC. ET AL acquired a new position in shares of Rite Aid Corp. during the fourth quarter worth about $5,624,000.
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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