Rite Aid (RAD) Shares Gap Up to $1.89
Rite Aid Co. (NYSE:RAD) shares gapped up prior to trading on Thursday . The stock had previously closed at $1.79, but opened at $1.89. Rite Aid shares last traded at $2.16, with a volume of 124788000 shares trading hands.
Several research firms have recently issued reports on RAD. Zacks Investment Research upgraded Rite Aid from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Loop Capital began coverage on Rite Aid in a research report on Monday, September 11th. They issued a “hold” rating and a $2.50 price target on the stock. Royal Bank Of Canada began coverage on Rite Aid in a research report on Tuesday, September 19th. They issued a “sector perform” rating and a $2.50 price target on the stock. Guggenheim restated a “neutral” rating and issued a $2.00 price target on shares of Rite Aid in a research report on Monday, October 2nd. Finally, Mizuho reduced their price target on Rite Aid from $2.95 to $2.25 and set a “neutral” rating on the stock in a research report on Friday, October 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $3.68.
The company has a debt-to-equity ratio of 9.71, a current ratio of 1.74 and a quick ratio of 0.77.
Rite Aid (NYSE:RAD) last posted its quarterly earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). Rite Aid had a negative return on equity of 7.51% and a net margin of 0.28%. The business had revenue of $7.68 billion for the quarter, compared to analyst estimates of $7.83 billion. During the same period last year, the company earned $0.03 EPS. The firm’s revenue was down 4.4% on a year-over-year basis. equities research analysts expect that Rite Aid Co. will post -0.1 EPS for the current fiscal year.
In related news, Director Myrtle S. Potter sold 28,189 shares of the firm’s stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $2.09, for a total transaction of $58,915.01. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 2.29% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Rite Aid by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 84,788,103 shares of the company’s stock worth $250,125,000 after buying an additional 353,087 shares during the period. FMR LLC raised its stake in Rite Aid by 204.0% during the 2nd quarter. FMR LLC now owns 29,123,366 shares of the company’s stock worth $85,914,000 after buying an additional 19,542,772 shares during the period. State of New Jersey Common Pension Fund D raised its stake in Rite Aid by 1.7% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 6,100,000 shares of the company’s stock worth $11,956,000 after buying an additional 100,000 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Rite Aid by 100.4% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,412,603 shares of the company’s stock worth $15,967,000 after buying an additional 2,711,300 shares during the period. Finally, OxFORD Asset Management LLP acquired a new stake in Rite Aid during the 2nd quarter worth $14,659,000. 50.81% of the stock is currently owned by institutional investors and hedge funds.
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About Rite Aid
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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