Royal Bank Of Canada started coverage on shares of Rite Aid Corporation (NYSE:RAD) in a report released on Tuesday, MarketBeat.com reports. The firm issued a sector perform rating and a $2.50 price objective on the stock.

Other research analysts also recently issued research reports about the stock. Evercore ISI assumed coverage on shares of Rite Aid Corporation in a research report on Friday, June 30th. They set an underperform rating and a $2.50 target price on the stock. Loop Capital assumed coverage on shares of Rite Aid Corporation in a research report on Monday, September 11th. They set a hold rating and a $2.50 target price on the stock. Bank of America Corporation reiterated an underperform rating and set a $2.00 target price on shares of Rite Aid Corporation in a research report on Friday, June 30th. Guggenheim reiterated a neutral rating on shares of Rite Aid Corporation in a research report on Monday, July 3rd. Finally, Zacks Investment Research downgraded shares of Rite Aid Corporation from a hold rating to a strong sell rating in a research report on Tuesday, July 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Hold and a consensus price target of $4.08.

Shares of Rite Aid Corporation (NYSE:RAD) opened at 2.42 on Tuesday. The firm’s market capitalization is $2.53 billion. The company’s 50 day moving average is $2.38 and its 200-day moving average is $3.36. Rite Aid Corporation has a one year low of $2.21 and a one year high of $8.77.

Rite Aid Corporation (NYSE:RAD) last released its earnings results on Thursday, June 29th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.04). Rite Aid Corporation had a negative net margin of 0.21% and a positive return on equity of 0.52%. The company had revenue of $7.78 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the firm earned $0.02 EPS. The firm’s revenue was down 4.9% on a year-over-year basis. Equities analysts expect that Rite Aid Corporation will post ($0.10) EPS for the current year.

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Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Advisor Group Inc. raised its holdings in Rite Aid Corporation by 49.8% during the second quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock worth $101,000 after buying an additional 12,140 shares during the last quarter. Capstone Asset Management Co. raised its holdings in Rite Aid Corporation by 7.9% during the first quarter. Capstone Asset Management Co. now owns 25,870 shares of the company’s stock worth $110,000 after buying an additional 1,890 shares during the last quarter. Smithfield Trust Co. raised its holdings in Rite Aid Corporation by 37.8% during the second quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock worth $111,000 after buying an additional 10,330 shares during the last quarter. Comerica Bank raised its holdings in Rite Aid Corporation by 9.2% during the second quarter. Comerica Bank now owns 44,460 shares of the company’s stock worth $111,000 after buying an additional 3,753 shares during the last quarter. Finally, Pinnacle Associates Ltd. raised its holdings in Rite Aid Corporation by 8.1% during the second quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock worth $115,000 after buying an additional 2,900 shares during the last quarter. Hedge funds and other institutional investors own 52.62% of the company’s stock.

Rite Aid Corporation Company Profile

Rite Aid Corporation is a retail drugstore chain. The Company’s segments include Retail Pharmacy and Pharmacy Services. The Company operates under The Rite Aid name. It operates approximately 4,560 stores in over 30 states across the country and in the District of Columbia. The Company’s Retail Pharmacy segment consists of Rite Aid stores, RediClinic and Health Dialog.

Analyst Recommendations for Rite Aid Corporation (NYSE:RAD)

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