Rite Aid (NYSE:RAD) Releases FY 2023 Earnings Guidance

Rite Aid (NYSE:RADGet Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of -$1.19–$0.66 for the period, compared to the consensus estimate of -$1.41. The company issued revenue guidance of $23.60 billion-$24.00 billion, compared to the consensus revenue estimate of $22.91 billion.

Shares of RAD stock traded up $1.28 during mid-day trading on Thursday, reaching $7.99. The company’s stock had a trading volume of 252,806 shares, compared to its average volume of 2,592,730. The company’s 50 day simple moving average is $6.25 and its 200-day simple moving average is $9.24. Rite Aid has a 12-month low of $4.68 and a 12-month high of $20.42. The company has a quick ratio of 0.51, a current ratio of 1.18 and a debt-to-equity ratio of 27.75. The firm has a market capitalization of $444.64 million, a PE ratio of -0.74 and a beta of 1.12.

Rite Aid (NYSE:RADGet Rating) last released its quarterly earnings results on Thursday, April 14th. The company reported ($1.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($1.06). Rite Aid had a negative return on equity of 19.38% and a negative net margin of 2.19%. The firm had revenue of $6.07 billion for the quarter, compared to analysts’ expectations of $5.96 billion. During the same period last year, the firm earned ($0.78) EPS. The business’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, research analysts anticipate that Rite Aid will post -1.5 EPS for the current fiscal year.

Several research firms recently issued reports on RAD. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Rite Aid from $2.00 to $4.00 in a research note on Friday, June 3rd. StockNews.com began coverage on shares of Rite Aid in a research note on Thursday, March 31st. They set a hold rating on the stock. Three equities research analysts have rated the stock with a sell rating and one has issued a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Reduce and an average price target of $9.00.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James & Associates acquired a new position in shares of Rite Aid in the 1st quarter valued at about $100,000. Quantamental Technologies LLC boosted its holdings in shares of Rite Aid by 21.4% in the 1st quarter. Quantamental Technologies LLC now owns 13,641 shares of the company’s stock valued at $119,000 after buying an additional 2,405 shares during the period. Sei Investments Co. acquired a new position in shares of Rite Aid in the 1st quarter valued at about $132,000. Bridgefront Capital LLC acquired a new position in shares of Rite Aid in the 1st quarter valued at about $146,000. Finally, Ergoteles LLC acquired a new position in shares of Rite Aid in the 1st quarter valued at about $233,000. 65.68% of the stock is owned by institutional investors.

About Rite Aid (Get Rating)

Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. The company operates through two segments, Retail Pharmacy and Pharmacy Services. The Retail Pharmacy segment sells prescription drugs and provides various other pharmacy services and an assortment of products comprising over-the-counter medications, health and beauty aids, personal care products, seasonal merchandise, cosmetics, household items, food and beverages, greeting cards, seasonal and general merchandise, pet care, and a variety of other everyday and convenience products, as well as brand and generic prescription drugs; and a private brand product line.

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