Rite Aid (RAD) Trading Down 5.3%

Rite Aid Co. (NYSE:RAD) dropped 5.3% during trading on Friday . The stock traded as low as $1.25 and last traded at $1.25. Approximately 27,366,254 shares were traded during mid-day trading, an increase of 50% from the average daily volume of 18,197,361 shares. The stock had previously closed at $1.32.

RAD has been the subject of several research reports. Cowen reissued a “buy” rating and issued a $2.35 target price on shares of Rite Aid in a research note on Thursday, June 28th. Zacks Investment Research cut Rite Aid from a “buy” rating to a “hold” rating in a research note on Tuesday, July 10th. Mizuho reaffirmed a “hold” rating and set a $2.00 price objective on shares of Rite Aid in a research note on Thursday, August 9th. TheStreet cut Rite Aid from a “c-” rating to a “d” rating in a research note on Wednesday, August 8th. Finally, Goldman Sachs Group began coverage on Rite Aid in a research note on Thursday, September 6th. They set a “sell” rating and a $1.00 price objective for the company. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a strong buy rating to the company’s stock. Rite Aid has a consensus rating of “Hold” and an average target price of $2.37.

The company has a debt-to-equity ratio of 1.75, a current ratio of 1.49 and a quick ratio of 0.85. The company has a market capitalization of $1.42 billion, a P/E ratio of -64.50 and a beta of 1.81.

Rite Aid (NYSE:RAD) last announced its quarterly earnings data on Wednesday, June 27th. The company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). Rite Aid had a negative return on equity of 2.88% and a net margin of 5.18%. The business had revenue of $5.39 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the previous year, the firm earned ($0.05) earnings per share. The firm’s quarterly revenue was down .9% compared to the same quarter last year. equities research analysts predict that Rite Aid Co. will post -0.02 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in RAD. Franklin Resources Inc. lifted its holdings in Rite Aid by 21.9% during the first quarter. Franklin Resources Inc. now owns 51,310,675 shares of the company’s stock worth $86,202,000 after acquiring an additional 9,213,475 shares in the last quarter. BlackRock Inc. lifted its holdings in Rite Aid by 1.9% during the first quarter. BlackRock Inc. now owns 43,767,426 shares of the company’s stock worth $73,529,000 after acquiring an additional 813,790 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its holdings in Rite Aid by 20.2% during the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 22,604,480 shares of the company’s stock worth $39,106,000 after acquiring an additional 3,797,936 shares in the last quarter. Alpine Associates Management Inc. lifted its holdings in Rite Aid by 35.0% during the second quarter. Alpine Associates Management Inc. now owns 13,514,200 shares of the company’s stock worth $22,840,000 after acquiring an additional 3,502,400 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Rite Aid by 124.0% during the second quarter. Northern Trust Corp now owns 12,115,100 shares of the company’s stock worth $20,959,000 after acquiring an additional 6,706,701 shares in the last quarter. 55.59% of the stock is owned by institutional investors and hedge funds.

About Rite Aid (NYSE:RAD)

Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. It operates through two segments, Retail Pharmacy and Pharmacy Services. The Retail Pharmacy segment sells prescription drugs and a range of other merchandise, including over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other every day and convenience products.

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