Rite Aid Corporation (RAD) Trading Down 7.3%

Rite Aid Corporation (NYSE:RAD) dropped 7.3% during mid-day trading on Thursday . The company traded as low as $1.63 and last traded at $1.65. Approximately 49,723,922 shares were traded during mid-day trading, an increase of 79% from the average daily volume of 27,768,600 shares. The stock had previously closed at $1.78.

RAD has been the topic of a number of recent research reports. Mizuho set a $2.00 target price on Rite Aid Corporation and gave the company a “hold” rating in a research note on Saturday, October 7th. Zacks Investment Research raised Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 29th. Cowen and Company reaffirmed an “outperform” rating and issued a $4.70 target price on shares of Rite Aid Corporation in a research note on Monday, July 3rd. 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 issued a $2.00 target price on shares of Rite Aid Corporation in a research note on Friday, June 30th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Rite Aid Corporation presently has a consensus rating of “Hold” and an average target price of $3.73.

The firm’s 50-day moving average is $2.29 and its 200 day moving average is $3.06. The firm has a market capitalization of $1.73 billion, a P/E ratio of 19.64 and a beta of 1.79.

Rite Aid Corporation (NYSE:RAD) last released its earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). Rite Aid Corporation had a net margin of 0.28% and a negative return on equity of 7.51%. The company had revenue of $7.68 billion during the quarter, compared to the consensus estimate of $7.83 billion. During the same quarter in the prior year, the firm earned $0.03 EPS. The company’s revenue was down 4.4% compared to the same quarter last year. Analysts anticipate that Rite Aid Corporation will post $0.92 earnings per share for the current fiscal year.

In other Rite Aid Corporation news, Director Myrtle S. Potter sold 28,189 shares of the stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $2.09, for a total value of $58,915.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.29% of the stock is owned by corporate insiders.

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