Rite Aid (RAD) Shares Gap Up to $0.82

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Rite Aid Co. (NYSE:RAD) shares gapped up before the market opened on Tuesday . The stock had previously closed at $0.80, but opened at $0.82. Rite Aid shares last traded at $0.85, with a volume of 10699543 shares changing hands.

RAD has been the subject of a number of recent analyst reports. Zacks Investment Research restated a “buy” rating and set a $1.25 price target on shares of Rite Aid in a research report on Wednesday, November 14th. Loop Capital set a $1.00 price target on shares of Rite Aid and gave the company a “hold” rating in a research report on Friday, September 28th. Royal Bank of Canada set a $1.00 price target on shares of Rite Aid and gave the company a “hold” rating in a research report on Monday, September 24th. Finally, Goldman Sachs Group initiated coverage on shares of Rite Aid in a research report on Thursday, September 6th. They set a “sell” rating and a $1.00 price target for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $2.04.

The stock has a market capitalization of $875.44 million, a PE ratio of -41.83 and a beta of 1.42. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.94 and a current ratio of 1.62.

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

A number of institutional investors and hedge funds have recently made changes to their positions in RAD. Marshall Wace LLP purchased a new stake in Rite Aid in the third quarter worth approximately $47,000. GSA Capital Partners LLP bought a new position in Rite Aid in the second quarter worth approximately $105,000. HRT Financial LLC bought a new position in Rite Aid in the second quarter worth approximately $105,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Rite Aid during the 2nd quarter valued at $108,000. Finally, Cohen Capital Management Inc. raised its position in shares of Rite Aid by 91.7% during the 3rd quarter. Cohen Capital Management Inc. now owns 86,955 shares of the company’s stock valued at $111,000 after purchasing an additional 41,588 shares during the period. Institutional investors and hedge funds own 50.11% of the company’s stock.

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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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