Traders Purchase Large Volume of Call Options on Rite Aid Corporation (RAD)

Rite Aid Corporation (NYSE:RAD) saw some unusual options trading activity on Thursday. Traders bought 23,581 call options on the company. This is an increase of 230% compared to the average daily volume of 7,147 call options.

Shares of Rite Aid Corporation (NYSE:RAD) opened at 2.49 on Tuesday. The stock has a 50 day moving average of $2.34 and a 200-day moving average of $3.51. Rite Aid Corporation has a 52-week low of $2.21 and a 52-week high of $8.77. The stock’s market capitalization is $2.61 billion.

Rite Aid Corporation (NYSE:RAD) last issued its quarterly earnings data on Thursday, June 29th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $7.78 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the prior year, the firm posted $0.02 earnings per share. Rite Aid Corporation’s revenue for the quarter was down 4.9% compared to the same quarter last year. On average, equities research analysts predict that Rite Aid Corporation will post ($0.09) EPS for the current fiscal year.

A number of analysts have commented on RAD shares. Zacks Investment Research raised shares of Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 16th. Cowen and Company reaffirmed an “outperform” rating and set a $4.70 price objective on shares of Rite Aid Corporation in a research note on Monday, July 3rd. Mizuho lowered shares of Rite Aid Corporation from a “buy” rating to a “neutral” rating and set a $2.95 price objective for the company. in a research note on Thursday, July 20th. Guggenheim reaffirmed a “neutral” rating on shares of Rite Aid Corporation in a research note on Monday, July 3rd. Finally, Bank of America Corporation reaffirmed an “underperform” rating and set a $2.00 price objective on shares of Rite Aid Corporation in a research note on Friday, June 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Rite Aid Corporation has a consensus rating of “Hold” and a consensus price target of $4.53.

Several institutional investors and hedge funds have recently modified their holdings of the stock. NEXT Financial Group Inc grew its position in shares of Rite Aid Corporation by 2.4% in the 1st quarter. NEXT Financial Group Inc now owns 37,800 shares of the company’s stock valued at $151,000 after purchasing an additional 900 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of Rite Aid Corporation by 0.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 141,287 shares of the company’s stock valued at $600,000 after purchasing an additional 968 shares during the period. Geneva Advisors LLC grew its position in shares of Rite Aid Corporation by 3.1% in the 1st quarter. Geneva Advisors LLC now owns 40,384 shares of the company’s stock valued at $172,000 after purchasing an additional 1,211 shares during the period. Levin Capital Strategies L.P. grew its position in shares of Rite Aid Corporation by 0.5% in the 1st quarter. Levin Capital Strategies L.P. now owns 253,445 shares of the company’s stock valued at $1,077,000 after purchasing an additional 1,239 shares during the period. Finally, Capstone Asset Management Co. grew its position in shares of Rite Aid Corporation by 7.9% in the 1st quarter. Capstone Asset Management Co. now owns 25,870 shares of the company’s stock valued at $110,000 after purchasing an additional 1,890 shares during the period. Institutional investors and hedge funds own 52.63% of the company’s stock.

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About Rite Aid Corporation

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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