Rite Aid Corp. (RAD) Shares Up 5.5%
Rite Aid Corp. (NYSE:RAD) shares shot up 5.5% during trading on Wednesday . The stock traded as high as $7.54 and last traded at $7.45, with a volume of 30,351,339 shares trading hands. The stock had previously closed at $7.06.
RAD has been the topic of several research analyst reports. Vetr lowered Rite Aid Corp. from a “strong-buy” rating to a “buy” rating and set a $9.03 price objective on the stock. in a research note on Tuesday, April 26th. Credit Suisse Group AG restated an “outperform” rating and issued a $9.00 price objective on shares of Rite Aid Corp. in a research note on Friday, May 20th. JPMorgan Chase & Co. restated a “hold” rating on shares of Rite Aid Corp. in a research note on Friday, June 17th. Evercore ISI lowered Rite Aid Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 1st. Finally, Zacks Investment Research lowered Rite Aid Corp. from a “hold” rating to a “sell” rating in a research note on Monday, June 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. Rite Aid Corp. presently has an average rating of “Hold” and a consensus price target of $9.34.
The company has a 50-day moving average price of $7.17 and a 200-day moving average price of $7.73. The company has a market cap of $7.80 billion and a PE ratio of 55.41.
Rite Aid Corp. (NYSE:RAD) last announced its earnings results on Thursday, June 16th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by $0.04. The firm earned $8.18 billion during the quarter. Rite Aid Corp.’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.02 EPS. Equities research analysts forecast that Rite Aid Corp. will post $0.16 earnings per share for the current year.
In other news, SVP Douglas E. Donley sold 34,106 shares of the business’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $7.77, for a total value of $265,003.62. Following the transaction, the senior vice president now owns 82,885 shares in the company, valued at approximately $644,016.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Several institutional investors have made changes to their positions in RAD. Gulf International Bank UK Ltd increased 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 worth $2,191,000 after buying an additional 1,500 shares during the last quarter. Bank of Montreal Can increased its position in shares of 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 worth $10,401,000 after buying an additional 343,535 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in shares of Rite Aid Corp. during the fourth quarter worth $12,544,000. Levin Capital Strategies L.P. acquired a new position in shares of Rite Aid Corp. during the fourth quarter worth $2,801,000. Finally, Airain ltd increased its position in shares of Rite Aid Corp. by 314.0% in the fourth quarter. Airain ltd now owns 226,000 shares of the company’s stock worth $1,772,000 after buying an additional 171,406 shares during the last quarter.
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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