Investors Buy Shares of Rite Aid Corp. (RAD) on Weakness
Investors bought shares of Rite Aid Corp. (NYSE:RAD) on weakness during trading on Monday. $28.88 million flowed into the stock on the tick-up and $16.32 million flowed out of the stock on the tick-down, for a money net flow of $12.56 million into the stock. Of all stocks tracked, Rite Aid Corp. had the 28th highest net in-flow for the day. Rite Aid Corp. traded down ($0.18) for the day and closed at $7.01
A number of equities analysts recently weighed in on RAD shares. Zacks Investment Research downgraded shares of Rite Aid Corp. from a “hold” rating to a “sell” rating in a research note 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 target price for the company. in a research note on Wednesday, April 20th. Deutsche Bank AG downgraded shares of 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 research note on Friday, April 8th. Evercore ISI downgraded shares of Rite Aid Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 1st. Finally, JPMorgan Chase & Co. reissued a “hold” rating on shares of Rite Aid Corp. in a research note on Friday, June 17th. One equities research 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. has a consensus rating of “Hold” and an average target price of $9.34.
The firm has a market capitalization of $7.31 billion and a PE ratio of 51.93. The stock’s 50-day moving average price is $7.52 and its 200 day moving average price is $7.82.
Rite Aid Corp. (NYSE:RAD) last announced its quarterly earnings data on Thursday, June 16th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by $0.04. The firm had revenue of $8.18 billion for the quarter. During the same period in the previous year, the business posted $0.02 earnings per share. The firm’s quarterly revenue was up 23.1% compared to the same quarter last year. On average, equities analysts anticipate that Rite Aid Corp. will post $0.16 EPS for the current fiscal year.
In other Rite Aid Corp. 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 sale, the senior vice president now owns 82,885 shares of the company’s stock, valued at approximately $644,016.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
A number of large investors have recently made changes to their positions in RAD. Morgan Stanley boosted its stake in shares of Rite Aid Corp. by 69.5% in the fourth quarter. Morgan Stanley now owns 11,706,349 shares of the company’s stock valued at $91,778,000 after buying an additional 4,797,918 shares during the last quarter. Vanguard Group Inc. boosted its stake 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. Gabelli Funds LLC purchased a new stake in shares of Rite Aid Corp. during the fourth quarter valued at $17,353,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of Rite Aid Corp. during the fourth quarter valued at $12,544,000. Finally, Cowen Group Inc. purchased a new stake in shares of Rite Aid Corp. during the fourth quarter valued at $12,493,000.
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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