Rite Aid Corp. (RAD) Stock Price Up 5.5%
Rite Aid Corp. (NYSE:RAD) rose 5.5% on Wednesday . The company traded as high as $7.54 and last traded at $7.45, with a volume of 30,351,339 shares traded. The stock had previously closed at $7.06.
RAD has been the topic of a number of research reports. Vetr cut Rite Aid Corp. from a “strong-buy” rating to a “buy” rating and set a $9.03 price target on the stock. in a report on Monday, May 9th. Zacks Investment Research upgraded Rite Aid Corp. from a “sell” rating to a “hold” rating in a report on Wednesday, June 8th. Evercore ISI cut Rite Aid Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 1st. JPMorgan Chase & Co. restated a “hold” rating on shares of Rite Aid Corp. in a report on Friday, June 17th. Finally, Credit Suisse Group AG restated an “outperform” rating and issued a $9.00 price target 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 assigned a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $9.34.
The firm has a market cap of $7.87 billion and a P/E ratio of 55.93. 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 released its quarterly earnings results on Thursday, June 16th. The company reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.05 by $0.04. The firm earned $8.18 billion during the quarter. The business’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.02 EPS. On average, equities research analysts expect that Rite Aid Corp. will post $0.16 earnings per share for the current year.
In related news, SVP Douglas E. Donley sold 34,106 shares of the firm’s stock in a transaction that occurred 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 transaction, the senior vice president now owns 82,885 shares in the company, valued at $644,016.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Several hedge funds and institutional investors recently bought and sold shares of RAD. Bank of Montreal Can raised 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 in the last quarter. State of New Jersey Common Pension Fund D acquired a new position in Rite Aid Corp. during the fourth quarter valued at about $12,544,000. Finally, Airain ltd raised its position 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.
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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