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.
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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