Rite Aid Co. (NYSE:RAD)’s share price was up 8.1% on Wednesday . The company traded as high as $1.21 and last traded at $1.20. Approximately 18,457,209 shares were traded during trading, an increase of 5% from the average daily volume of 17,569,592 shares. The stock had previously closed at $1.11.
A number of equities analysts recently weighed in on RAD shares. Zacks Investment Research cut shares of Rite Aid from a “hold” rating to a “sell” rating in a research report on Friday, August 17th. Goldman Sachs Group assumed coverage on shares of Rite Aid in a report on Thursday, September 6th. They set a “sell” rating and a $1.00 target price on the stock. Royal Bank of Canada set a $1.00 target price on shares of Rite Aid and gave the stock a “hold” rating in a report on Monday, September 24th. Loop Capital set a $1.00 target price on shares of Rite Aid and gave the stock a “hold” rating in a report on Friday, September 28th. Finally, Mizuho reiterated a “hold” rating and set a $2.00 target price on shares of Rite Aid in a report on Thursday, August 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $2.16.
The firm has a market capitalization of $1.12 billion, a PE ratio of -60.50 and a beta of 1.66. The company has a current ratio of 1.62, a quick ratio of 0.94 and a debt-to-equity ratio of 2.41.
Institutional investors have recently added to or reduced their stakes in the business. HRT Financial LLC acquired a new stake in Rite Aid during the 2nd quarter worth approximately $105,000. Private Management Group Inc. acquired a new stake in shares of Rite Aid in the 2nd quarter valued at $11,435,000. Alpine Associates Management Inc. raised its holdings in shares of Rite Aid by 35.0% in the 2nd quarter. Alpine Associates Management Inc. now owns 13,514,200 shares of the company’s stock valued at $22,840,000 after purchasing an additional 3,502,400 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Rite Aid in the 2nd quarter valued at $105,000. Finally, Sarbit Advisory Services Inc. acquired a new stake in shares of Rite Aid in the 2nd quarter valued at $7,987,000. Institutional investors own 55.60% of the company’s stock.
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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