Rite Aid (RAD) Shares Up 16%
Rite Aid Co. (NYSE:RAD) shares shot up 16% during trading on Tuesday . The stock traded as high as $1.92 and last traded at $1.89. 51,389,112 shares traded hands during trading, an increase of 87% from the average session volume of 27,528,771 shares. The stock had previously closed at $1.63.
Several brokerages recently commented on RAD. Zacks Investment Research raised Rite Aid from a “sell” rating to a “hold” rating in a research report on Friday, November 17th. Royal Bank Of Canada set a $2.00 price target on Rite Aid and gave the company a “hold” rating in a research report on Wednesday, October 25th. Loop Capital reissued a “hold” rating and set a $2.00 price target (down from $2.50) on shares of Rite Aid in a research report on Friday, September 29th. Guggenheim reissued a “neutral” rating and set a $2.00 price target on shares of Rite Aid in a research report on Monday, October 2nd. Finally, Mizuho set a $2.00 price target on Rite Aid and gave the company a “hold” rating in a research report on Saturday, October 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $3.68.
The company has a current ratio of 1.74, a quick ratio of 0.77 and a debt-to-equity ratio of 9.71.
Rite Aid (NYSE:RAD) last released its quarterly earnings data on Thursday, September 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.01). Rite Aid had a negative return on equity of 7.51% and a net margin of 0.28%. The company had revenue of $7.68 billion during the quarter, compared to analysts’ expectations of $7.83 billion. During the same period last year, the firm posted $0.03 earnings per share. The business’s revenue was down 4.4% on a year-over-year basis. equities research analysts predict that Rite Aid Co. will post -0.1 earnings per share for the current fiscal year.
In other news, Director Myrtle S. Potter sold 28,189 shares of the firm’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $2.09, for a total value of $58,915.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.29% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisor Group Inc. lifted its position in shares of Rite Aid by 49.8% in the second quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock valued at $101,000 after buying an additional 12,140 shares during the last quarter. Smithfield Trust Co. increased its stake in shares of Rite Aid by 37.8% during the second quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock worth $111,000 after purchasing an additional 10,330 shares during the period. Pinnacle Associates Ltd. increased its stake in shares of Rite Aid by 8.1% during the second quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock worth $115,000 after purchasing an additional 2,900 shares during the period. Verition Fund Management LLC bought a new position in shares of Rite Aid during the second quarter worth approximately $120,000. Finally, Geneva Advisors LLC increased its stake in shares of Rite Aid by 6.5% during the second quarter. Geneva Advisors LLC now owns 43,000 shares of the company’s stock worth $127,000 after purchasing an additional 2,616 shares during the period. 50.81% of the stock is owned by institutional investors.
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Rite Aid 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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