Rite Aid (NYSE:RAD) Shares Down 6%

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Rite Aid Co. (NYSE:RAD)’s share price traded down 6% during mid-day trading on Friday . The stock traded as low as $5.30 and last traded at $5.31, 2,215,911 shares traded hands during trading. An increase of 30% from the average session volume of 1,700,161 shares. The stock had previously closed at $5.65.

Several equities research analysts have issued reports on the company. ValuEngine raised Rite Aid from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Evercore ISI reaffirmed a “sell” rating on shares of Rite Aid in a report on Monday, August 12th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Rite Aid presently has a consensus rating of “Hold” and a consensus price target of $17.50.

The company has a current ratio of 1.45, a quick ratio of 0.79 and a debt-to-equity ratio of 6.18. The stock has a fifty day moving average price of $7.14 and a two-hundred day moving average price of $4.97.

Rite Aid (NYSE:RAD) last posted its earnings results on Wednesday, June 26th. The company reported ($0.14) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.16). Rite Aid had a negative return on equity of 1.08% and a negative net margin of 3.40%. The firm had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the business posted ($0.20) EPS. Research analysts forecast that Rite Aid Co. will post 0.16 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of RAD. JPMorgan Chase & Co. lifted its holdings in shares of Rite Aid by 402.0% during the first quarter. JPMorgan Chase & Co. now owns 25,211,896 shares of the company’s stock worth $16,010,000 after buying an additional 20,189,504 shares in the last quarter. Norges Bank bought a new position in Rite Aid in the fourth quarter valued at about $6,491,000. Morgan Stanley grew its position in Rite Aid by 81.7% in the second quarter. Morgan Stanley now owns 1,978,559 shares of the company’s stock valued at $15,847,000 after acquiring an additional 889,900 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Rite Aid by 449.4% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 846,650 shares of the company’s stock valued at $538,000 after acquiring an additional 692,550 shares during the last quarter. Finally, Numen Capital LLP grew its position in Rite Aid by 150.0% in the first quarter. Numen Capital LLP now owns 1,000,000 shares of the company’s stock valued at $635,000 after acquiring an additional 600,000 shares during the last quarter.

Rite Aid Company Profile (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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