Rite Aid (RAD) Trading Down 6.3%

Rite Aid Co. (NYSE:RAD)’s share price traded down 6.3% on Thursday . The stock traded as low as $1.02 and last traded at $1.04. 22,615,836 shares were traded during mid-day trading, an increase of 25% from the average session volume of 18,033,121 shares. The stock had previously closed at $1.11.

Several equities analysts have weighed in on the company. Zacks Investment Research downgraded Rite Aid from a “buy” rating to a “hold” rating in a research report on Tuesday, July 10th. Cowen reaffirmed a “buy” rating and issued a $2.35 target price on shares of Rite Aid in a research report on Thursday, June 28th. TheStreet downgraded Rite Aid from a “c-” rating to a “d” rating in a research report on Wednesday, August 8th. Mizuho reaffirmed a “hold” rating and issued a $2.00 target price on shares of Rite Aid in a research report on Thursday, August 9th. Finally, Loop Capital set a $1.00 target price on Rite Aid and gave the company a “hold” rating in a research report on Friday, September 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $2.16.

The stock has a market capitalization of $1.36 billion, a P/E ratio of -53.00 and a beta of 1.66. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.62 and a quick ratio of 0.94.

Rite Aid (NYSE:RAD) last announced its quarterly earnings data on Thursday, September 27th. The company reported ($0.01) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.01). Rite Aid had a negative return on equity of 1.97% and a net margin of 3.26%. The business had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same period in the previous year, the company posted ($0.01) earnings per share. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. Research analysts anticipate that Rite Aid Co. will post -0.02 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. NEXT Financial Group Inc lifted its stake in Rite Aid by 62.5% during the first quarter. NEXT Financial Group Inc now owns 73,850 shares of the company’s stock worth $124,000 after purchasing an additional 28,400 shares during the last quarter. Rhumbline Advisers lifted its stake in Rite Aid by 2.8% in the second quarter. Rhumbline Advisers now owns 1,096,828 shares of the company’s stock valued at $1,898,000 after buying an additional 30,154 shares during the last quarter. Xact Kapitalforvaltning AB lifted its stake in Rite Aid by 24.2% in the second quarter. Xact Kapitalforvaltning AB now owns 180,143 shares of the company’s stock valued at $312,000 after buying an additional 35,100 shares during the last quarter. HRT Financial LLC purchased a new stake in Rite Aid in the second quarter valued at approximately $105,000. Finally, GSA Capital Partners LLP purchased a new stake in Rite Aid in the second quarter valued at approximately $105,000. 55.58% of the stock is owned by institutional investors and hedge funds.

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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