Rite Aid (RAD) Shares Gap Up to $0.72

Rite Aid Co. (NYSE:RAD)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $0.69, but opened at $0.72. Rite Aid shares last traded at $0.70, with a volume of 132137 shares changing hands.

A number of brokerages have issued reports on RAD. Zacks Investment Research cut shares of Rite Aid from a “buy” rating to a “hold” rating in a report on Monday, December 3rd. Loop Capital cut their price target on shares of Rite Aid from $1.35 to $1.00 and set a “hold” rating for the company in a research note on Thursday, December 20th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company. Rite Aid presently has a consensus rating of “Hold” and an average price target of $2.04.

The company has a market cap of $776.02 million, a P/E ratio of -35.60 and a beta of 1.85. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.90 and a current ratio of 1.59.

Rite Aid (NYSE:RAD) last posted its quarterly earnings data on Wednesday, December 19th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.02. Rite Aid had a net margin of 2.85% and a negative return on equity of 0.94%. The firm had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.45 billion. Rite Aid’s quarterly revenue was up 1.8% compared to the same quarter last year. Equities analysts forecast that Rite Aid Co. will post -0.02 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC increased its holdings in shares of Rite Aid by 8.4% during the fourth quarter. Geode Capital Management LLC now owns 11,154,998 shares of the company’s stock valued at $7,901,000 after acquiring an additional 868,486 shares in the last quarter. Norges Bank purchased a new position in Rite Aid in the fourth quarter worth about $6,491,000. HRT Financial LLC purchased a new position in Rite Aid in the fourth quarter worth about $55,000. Legal & General Group Plc lifted its position in shares of Rite Aid by 4.4% during the 4th quarter. Legal & General Group Plc now owns 2,429,210 shares of the company’s stock valued at $1,721,000 after buying an additional 101,474 shares in the last quarter. Finally, Gotham Asset Management LLC purchased a new position in shares of Rite Aid during the 4th quarter valued at about $149,000. Institutional investors and hedge funds own 45.12% of the company’s stock.

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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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