Rite Aid Corporation (NYSE:RAD) received a $2.00 price target from analysts at Royal Bank Of Canada in a research report issued to clients and investors on Wednesday, October 25th. The brokerage presently has a “hold” rating on the stock. Royal Bank Of Canada’s price target indicates a potential upside of 27.39% from the company’s previous close.
Other analysts also recently issued research reports about the company. Loop Capital reaffirmed a “hold” rating and set a $2.00 price objective (down previously from $2.50) on shares of Rite Aid Corporation in a research note on Friday, September 29th. Guggenheim reiterated a “neutral” rating and set a $2.00 target price on shares of Rite Aid Corporation in a report on Monday, October 2nd. Evercore ISI assumed coverage on Rite Aid Corporation in a report on Friday, June 30th. They set an “underperform” rating and a $2.50 target price for the company. Bank of America Corporation restated an “underperform” rating and issued a $2.00 price objective on shares of Rite Aid Corporation in a report on Friday, June 30th. Finally, Zacks Investment Research cut Rite Aid Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $3.68.
Rite Aid Corporation (RAD) traded up $0.14 during mid-day trading on Wednesday, hitting $1.57. The stock had a trading volume of 30,393,100 shares, compared to its average volume of 22,049,686. Rite Aid Corporation has a 52 week low of $1.38 and a 52 week high of $8.77. The company has a debt-to-equity ratio of 9.71, a quick ratio of 0.77 and a current ratio of 1.74.
Rite Aid Corporation (NYSE:RAD) last announced its quarterly earnings data on Thursday, September 28th. The company reported ($0.01) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.01). The firm had revenue of $7.68 billion for the quarter, compared to analyst estimates of $7.83 billion. Rite Aid Corporation had a negative return on equity of 7.51% and a net margin of 0.28%. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period last year, the company earned $0.03 EPS. analysts forecast that Rite Aid Corporation will post -0.1 earnings per share for the current year.
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In other Rite Aid Corporation news, Director Myrtle S. Potter sold 28,189 shares of the business’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $2.09, for a total transaction of $58,915.01. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.29% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. State of New Jersey Common Pension Fund D lifted its holdings in Rite Aid Corporation by 1.7% in the third quarter. State of New Jersey Common Pension Fund D now owns 6,100,000 shares of the company’s stock valued at $11,956,000 after buying an additional 100,000 shares during the period. Vanguard Group Inc. lifted its holdings in Rite Aid Corporation by 4.2% in the first quarter. Vanguard Group Inc. now owns 84,435,016 shares of the company’s stock valued at $358,848,000 after buying an additional 3,420,318 shares during the period. Atlas Brown Inc. lifted its holdings in Rite Aid Corporation by 43.1% in the second quarter. Atlas Brown Inc. now owns 103,000 shares of the company’s stock valued at $304,000 after buying an additional 31,000 shares during the period. Stifel Financial Corp lifted its holdings in Rite Aid Corporation by 71.5% in the second quarter. Stifel Financial Corp now owns 457,561 shares of the company’s stock valued at $1,343,000 after buying an additional 190,731 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Rite Aid Corporation by 100.4% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,412,603 shares of the company’s stock valued at $15,967,000 after purchasing an additional 2,711,300 shares during the period. 53.01% of the stock is currently owned by institutional investors.
About Rite Aid Corporation
Rite Aid Corporation is a retail drugstore chain. The Company’s segments include Retail Pharmacy and Pharmacy Services. The Company operates under The Rite Aid name. It operates approximately 4,560 stores in over 30 states across the country and in the District of Columbia. The Company’s Retail Pharmacy segment consists of Rite Aid stores, RediClinic and Health Dialog.
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