Rite Aid Corporation (RAD) Shares Gap Up to $1.64

Rite Aid Corporation (NYSE:RAD) shares gapped up prior to trading on Thursday . The stock had previously closed at $1.59, but opened at $1.64. Rite Aid Corporation shares last traded at $1.69, with a volume of 20050307 shares.

A number of research analysts have issued reports on RAD shares. Royal Bank Of Canada started coverage on shares of Rite Aid Corporation in a report on Tuesday, September 19th. They issued a “sector perform” rating and a $2.50 price target for the company. Mizuho decreased their price target on shares of Rite Aid Corporation from $2.95 to $2.25 and set a “neutral” rating for the company in a report on Friday, October 6th. Loop Capital started coverage on shares of Rite Aid Corporation in a report on Monday, September 11th. They issued a “hold” rating and a $2.50 price target for the company. Guggenheim reaffirmed a “neutral” rating and issued a $2.00 price target on shares of Rite Aid Corporation in a report on Monday, October 2nd. Finally, Zacks Investment Research raised shares of Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 29th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $3.68.

The company has a current ratio of 1.74, a quick ratio of 0.77 and a debt-to-equity ratio of 9.71.

Rite Aid Corporation (NYSE:RAD) last released its quarterly earnings data on Thursday, September 28th. The company reported ($0.01) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.01). The firm had revenue of $7.68 billion for the quarter, compared to analyst estimates of $7.83 billion. Rite Aid Corporation had a net margin of 0.28% and a negative return on equity of 7.51%. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.03 earnings per share. analysts predict that Rite Aid Corporation will post -0.1 EPS for the current year.

In other news, Director Myrtle S. Potter sold 28,189 shares of the stock in a transaction 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 document filed with the SEC, which is accessible through this hyperlink. 2.29% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Rite Aid Corporation by 0.4% in the second quarter. Vanguard Group Inc. now owns 84,788,103 shares of the company’s stock worth $250,125,000 after acquiring an additional 353,087 shares during the period. FMR LLC grew its position in Rite Aid Corporation by 204.0% during the second quarter. FMR LLC now owns 29,123,366 shares of the company’s stock valued at $85,914,000 after buying an additional 19,542,772 shares during the period. State of New Jersey Common Pension Fund D grew its position in Rite Aid Corporation by 1.7% during the third quarter. State of New Jersey Common Pension Fund D now owns 6,100,000 shares of the company’s stock valued at $11,956,000 after buying an additional 100,000 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Rite Aid Corporation by 100.4% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,412,603 shares of the company’s stock valued at $15,967,000 after buying an additional 2,711,300 shares during the period. Finally, OxFORD Asset Management LLP acquired a new stake in Rite Aid Corporation during the second quarter valued at $14,659,000. Hedge funds and other institutional investors own 51.98% 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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