Rite Aid Corp. (RAD) Trading 2.8% Higher
Shares of Rite Aid Corp. (NYSE:RAD) traded up 2.8% on Thursday . The company traded as high as $7.08 and last traded at $7.04, with a volume of 22,383,171 shares changing hands. The stock had previously closed at $6.85.
A number of analysts have recently weighed in on the company. Zacks Investment Research lowered Rite Aid Corp. from a “hold” rating to a “sell” rating in a research note on Monday, June 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. Credit Suisse Group AG restated an “outperform” rating and issued a $9.00 target price on shares of Rite Aid Corp. in a research note on Friday, May 20th. Finally, Vetr lowered 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 Monday, May 9th. One 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’s stock. The company currently has a consensus rating of “Hold” and an average target price of $9.34.
The stock has a 50-day moving average price of $7.54 and a 200 day moving average price of $7.83. The company has a market cap of $7.50 billion and a PE ratio of 53.26.
Rite Aid Corp. (NYSE:RAD) last released 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. During the same quarter in the prior year, the business posted $0.02 earnings per share. The firm earned $8.18 billion during the quarter. The company’s quarterly revenue was up 23.1% on a year-over-year basis. On average, equities analysts expect that Rite Aid Corp. will post $0.16 EPS for the current year.
In other news, SVP Douglas E. Donley sold 34,106 shares of the business’s stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $7.77, for a total transaction of $265,003.62. Following the completion of the transaction, the senior vice president now owns 82,885 shares of the company’s stock, valued at approximately $644,016.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Several institutional investors have bought and sold shares of the company. Bank of Montreal Can boosted its position 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 worth $10,401,000 after buying an additional 343,535 shares during the period. Gabelli Funds LLC acquired a new position in Rite Aid Corp. during the fourth quarter worth approximately $17,353,000. Vanguard Group Inc. boosted its position in Rite Aid Corp. by 6.7% in the fourth quarter. Vanguard Group Inc. now owns 70,299,320 shares of the company’s stock worth $551,146,000 after buying an additional 4,417,367 shares during the period. State of New Jersey Common Pension Fund D acquired a new position in Rite Aid Corp. during the fourth quarter worth approximately $12,544,000. Finally, Morgan Stanley boosted its position in Rite Aid Corp. by 69.5% in the fourth quarter. Morgan Stanley now owns 11,706,349 shares of the company’s stock worth $91,778,000 after buying an additional 4,797,918 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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