Rite Aid Corporation (NYSE:RAD)’s share price rose 5.5% during mid-day trading on Friday . The company traded as high as $1.79 and last traded at $1.74. Approximately 33,347,869 shares changed hands during trading, an increase of 19% from the average daily volume of 27,996,800 shares. The stock had previously closed at $1.65.

RAD has been the topic of a number of research reports. Zacks Investment Research lowered Rite Aid Corporation from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 4th. Cowen and Company reissued an “outperform” rating and set a $4.70 price target on shares of Rite Aid Corporation in a report on Monday, July 3rd. Guggenheim reissued a “neutral” rating on shares of Rite Aid Corporation in a report on Monday, July 3rd. Bank of America Corporation reissued an “underperform” rating and set a $2.00 price target on shares of Rite Aid Corporation in a report on Friday, June 30th. Finally, Mizuho lowered Rite Aid Corporation from a “buy” rating to a “neutral” rating and set a $2.95 price target on the stock. in a report on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Rite Aid Corporation has an average rating of “Hold” and an average price target of $3.73.

The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 20.71 and a beta of 1.79. The company has a 50 day moving average of $2.27 and a 200 day moving average of $3.05.

Rite Aid Corporation (NYSE:RAD) last issued its earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.01). The firm had revenue of $7.68 billion during the quarter, compared to analysts’ expectations of $7.83 billion. Rite Aid Corporation had a net margin of 0.28% and a negative return on equity of 7.51%. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the firm posted $0.03 earnings per share. On average, equities research analysts expect that Rite Aid Corporation will post $0.92 earnings per share for the current fiscal year.

In related news, Director Myrtle S. Potter sold 28,189 shares of the firm’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $2.09, for a total transaction of $58,915.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.29% of the company’s stock.

Large investors have recently modified their holdings of the stock. Nordea Investment Management AB lifted its position in shares of Rite Aid Corporation by 24.4% in the 1st quarter. Nordea Investment Management AB now owns 29,061 shares of the company’s stock valued at $124,000 after acquiring an additional 5,706 shares in the last quarter. Advisor Group Inc. lifted its position in shares of Rite Aid Corporation by 49.8% in the 2nd quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock valued at $101,000 after acquiring an additional 12,140 shares in the last quarter. Smithfield Trust Co. lifted its position in shares of Rite Aid Corporation by 37.8% in the 2nd quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock valued at $111,000 after acquiring an additional 10,330 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. lifted its position in shares of Rite Aid Corporation by 102.1% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 38,000 shares of the company’s stock valued at $162,000 after acquiring an additional 19,200 shares in the last quarter. Finally, Pinnacle Associates Ltd. lifted its position in shares of Rite Aid Corporation by 8.1% in the 2nd quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock valued at $115,000 after acquiring an additional 2,900 shares in the last quarter. Institutional investors and hedge funds own 52.62% of the company’s stock.

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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.

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