Investors Buy High Volume of Call Options on Rite Aid Corporation (RAD)

Rite Aid Corporation (NYSE:RAD) was the target of unusually large options trading on Wednesday. Traders acquired 24,321 call options on the stock. This represents an increase of 239% compared to the average daily volume of 7,173 call options.

Institutional investors have recently added to or reduced their stakes in the company. Cohen Capital Management Inc. raised its position in Rite Aid Corporation by 3.4% in the first quarter. Cohen Capital Management Inc. now owns 26,978 shares of the company’s stock worth $115,000 after buying an additional 875 shares during the period. NEXT Financial Group Inc raised its position in Rite Aid Corporation by 2.4% in the first quarter. NEXT Financial Group Inc now owns 37,800 shares of the company’s stock worth $151,000 after buying an additional 900 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in Rite Aid Corporation by 0.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 141,287 shares of the company’s stock worth $600,000 after buying an additional 968 shares during the period. Geneva Advisors LLC raised its position in Rite Aid Corporation by 3.1% in the first quarter. Geneva Advisors LLC now owns 40,384 shares of the company’s stock worth $172,000 after buying an additional 1,211 shares during the period. Finally, Levin Capital Strategies L.P. raised its position in Rite Aid Corporation by 0.5% in the first quarter. Levin Capital Strategies L.P. now owns 253,445 shares of the company’s stock worth $1,077,000 after buying an additional 1,239 shares during the period. 56.38% of the stock is currently owned by institutional investors.

Shares of Rite Aid Corporation (RAD) opened at 2.31 on Friday. The stock’s 50 day moving average price is $2.57 and its 200 day moving average price is $4.03. The stock’s market capitalization is $2.42 billion. Rite Aid Corporation has a one year low of $2.21 and a one year high of $8.77.

Rite Aid Corporation (NYSE:RAD) last released its quarterly earnings data on Thursday, June 29th. The company reported ($0.05) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.04. The company had revenue of $7.78 billion for the quarter, compared to analyst estimates of $8.29 billion. Rite Aid Corporation had a positive return on equity of 0.52% and a negative net margin of 0.21%. The business’s quarterly revenue was down 4.9% on a year-over-year basis. During the same period last year, the firm posted $0.02 EPS. Equities research analysts predict that Rite Aid Corporation will post ($0.09) EPS for the current fiscal year.

Several research analysts have weighed in on RAD shares. Zacks Investment Research upgraded Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 16th. Guggenheim downgraded Rite Aid Corporation from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 25th. Mizuho downgraded Rite Aid Corporation from a “buy” rating to a “neutral” rating and set a $2.95 price target for the company. in a research note on Thursday, July 20th. Cowen and Company restated an “outperform” rating and issued a $4.70 price target on shares of Rite Aid Corporation in a research note on Monday, June 12th. Finally, Bank of America Corporation restated an “underperform” rating and issued a $2.00 price target on shares of Rite Aid Corporation in a research note on Friday, June 30th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $4.53.

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Rite Aid Corporation Company Profile

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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