Brokerages Set Rite Aid Co. (RAD) Price Target at $2.16

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Shares of Rite Aid Co. (NYSE:RAD) have been assigned a consensus recommendation of “Hold” from the ten ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $2.16.

RAD has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Rite Aid from a “buy” rating to a “hold” rating in a report on Tuesday, July 10th. Mizuho reissued a “hold” rating and issued a $2.00 target price on shares of Rite Aid in a report on Thursday, August 9th. TheStreet downgraded Rite Aid from a “c-” rating to a “d” rating in a report on Wednesday, August 8th. Cowen downgraded Rite Aid from an “outperform” rating to a “market perform” rating and raised their target price for the company from $2.35 to $6.00 in a report on Monday, August 13th. Finally, Goldman Sachs Group initiated coverage on Rite Aid in a report on Thursday, September 6th. They issued a “sell” rating and a $1.00 target price for the company.

NYSE:RAD opened at $1.24 on Friday. Rite Aid has a 1-year low of $0.98 and a 1-year high of $2.55. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.94 and a current ratio of 1.62. The firm has a market capitalization of $1.27 billion, a P/E ratio of -62.00 and a beta of 1.48.

Rite Aid (NYSE:RAD) last posted its quarterly earnings data on Thursday, September 27th. The company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). Rite Aid had a net margin of 3.26% and a negative return on equity of 1.97%. The firm had revenue of $5.42 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same period last year, the firm posted ($0.01) EPS. Rite Aid’s quarterly revenue was up 1.4% on a year-over-year basis.

Several large investors have recently added to or reduced their stakes in the company. HRT Financial LLC acquired a new position in shares of Rite Aid during the 2nd quarter worth $105,000. GSA Capital Partners LLP acquired a new position in shares of Rite Aid during the 2nd quarter worth $105,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of Rite Aid during the 2nd quarter worth $108,000. Destination Wealth Management raised its stake in shares of Rite Aid by 5,513.1% during the 2nd quarter. Destination Wealth Management now owns 65,000 shares of the company’s stock worth $112,000 after buying an additional 63,842 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Rite Aid during the 2nd quarter worth $133,000. 55.28% of the stock is owned by institutional investors and hedge funds.

About Rite Aid

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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Analyst Recommendations for Rite Aid (NYSE:RAD)

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