Investors Sell Rite Aid Corp. (RAD) on Strength (RAD)
Traders sold shares of Rite Aid Corp. (NYSE:RAD) on strength during trading hours on Wednesday. $38.62 million flowed into the stock on the tick-up and $58.12 million flowed out of the stock on the tick-down, for a money net flow of $19.50 million out of the stock. Of all stocks tracked, Rite Aid Corp. had the 24th highest net out-flow for the day. Rite Aid Corp. traded up $0.42 for the day and closed at $7.48
Several equities research analysts recently commented on the company. Vetr cut 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 Wednesday, April 20th. Zacks Investment Research cut Rite Aid Corp. from a “hold” rating to a “sell” rating in a report on Monday, June 20th. Evercore ISI cut Rite Aid Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 1st. JPMorgan Chase & Co. reissued a “hold” rating on shares of Rite Aid Corp. in a report on Friday, June 17th. Finally, Credit Suisse Group AG reissued an “outperform” rating and set a $9.00 target price on shares of Rite Aid Corp. in a report on Friday, May 20th. One 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. The stock has a consensus rating of “Hold” and an average price target of $9.34.
The stock has a market capitalization of $7.80 billion and a PE ratio of 55.41. The firm has a 50-day moving average price of $7.16 and a 200-day moving average price of $7.73.
Rite Aid Corp. (NYSE:RAD) last posted its 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 business had revenue of $8.18 billion for the quarter. During the same period last year, the firm earned $0.02 EPS. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. On average, equities research analysts expect that Rite Aid Corp. will post $0.16 earnings per share for the current 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 value of $265,003.62. Following the sale, the senior vice president now directly owns 82,885 shares in the company, valued at $644,016.45. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.
A number of large investors have recently bought and sold shares of RAD. State of New Jersey Common Pension Fund D purchased a new stake in Rite Aid Corp. during the fourth quarter valued at $12,544,000. Levin Capital Strategies L.P. purchased a new stake in Rite Aid Corp. during the fourth quarter valued at $2,801,000. Bank of Montreal Can raised its stake in 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 period. Airain ltd raised its stake in Rite Aid Corp. by 314.0% in the fourth quarter. Airain ltd now owns 226,000 shares of the company’s stock valued at $1,772,000 after buying an additional 171,406 shares during the period. Finally, Gulf International Bank UK Ltd raised its stake in 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.
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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