Rite Aid (RAD) Research Coverage Started at Deutsche Bank

Deutsche Bank began coverage on shares of Rite Aid (NYSE:RAD) in a research note released on Monday morning, MarketBeat.com reports. The brokerage issued a hold rating and a $2.25 price objective on the stock.

A number of other equities research analysts also recently commented on the company. Zacks Investment Research raised Rite Aid from a sell rating to a hold rating in a research report on Friday, November 17th. Royal Bank Of Canada set a $2.00 target price on Rite Aid and gave the company a hold rating in a report on Wednesday, October 25th. Loop Capital started coverage on Rite Aid in a report on Monday, September 11th. They issued a hold rating and a $2.50 target price on the stock. Mizuho set a $2.00 target price on Rite Aid and gave the company a hold rating in a report on Saturday, October 7th. Finally, Guggenheim reiterated a neutral rating and issued a $2.00 target price on shares of Rite Aid in a report on Monday, October 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Hold and an average target price of $3.25.

Rite Aid (NYSE:RAD) opened at $1.79 on Monday. Rite Aid has a 1-year low of $1.38 and a 1-year high of $8.77. The company has a quick ratio of 0.77, a current ratio of 1.74 and a debt-to-equity ratio of 9.71.

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

In related news, Director Myrtle S. Potter sold 28,189 shares of the business’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $2.09, for a total value of $58,915.01. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.29% of the company’s stock.

A number of institutional investors have recently made changes to their positions in RAD. Advisor Group Inc. increased its holdings in Rite Aid by 49.8% in the second quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock valued at $101,000 after buying an additional 12,140 shares during the last quarter. Smithfield Trust Co. lifted its position in Rite Aid by 37.8% in the second quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock worth $111,000 after purchasing an additional 10,330 shares during the period. Comerica Bank lifted its position in shares of Rite Aid by 9.2% during the 2nd quarter. Comerica Bank now owns 44,460 shares of the company’s stock valued at $111,000 after acquiring an additional 3,753 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in shares of Rite Aid by 8.1% during the 2nd quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock valued at $115,000 after acquiring an additional 2,900 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new stake in shares of Rite Aid during the 2nd quarter valued at $120,000. 50.81% of the stock is owned by hedge funds and other institutional investors.

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About Rite Aid

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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