An issue of Rite Aid Corporation (NYSE:RAD) bonds fell 2% as a percentage of their face value during trading on Friday. The high-yield debt issue has a 6.125% coupon and is set to mature on April 1, 2023. The bonds in the issue are now trading at $93.25 and were trading at $98.25 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price.
A number of equities research analysts have weighed in on RAD shares. Vetr lowered Rite Aid Corporation from a “strong-buy” rating to a “buy” rating and set a $6.58 target price for the company. in a research report on Monday, February 20th. Zacks Investment Research upgraded Rite Aid Corporation from a “sell” rating to a “hold” rating in a report on Monday, February 27th. Deutsche Bank AG reiterated a “hold” rating and issued a $6.50 price target (down from $9.00) on shares of Rite Aid Corporation in a report on Monday, March 6th. Guggenheim downgraded Rite Aid Corporation from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. Finally, Cowen and Company reiterated an “outperform” rating and issued a $4.70 price target on shares of Rite Aid Corporation in a report on Monday. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Rite Aid Corporation currently has an average rating of “Buy” and an average target price of $6.21.
Rite Aid Corporation (RAD) traded up 1.69% during mid-day trading on Friday, reaching $3.00. The company’s stock had a trading volume of 24,744,185 shares. Rite Aid Corporation has a one year low of $2.90 and a one year high of $8.77. The stock’s 50 day moving average is $3.65 and its 200 day moving average is $5.56. The firm has a market cap of $3.16 billion, a PE ratio of 750.00 and a beta of 1.85. Rite Aid Corporation also was the target of some unusual options trading activity on Friday. Stock traders bought 803 put options on the stock. This is an increase of 144% compared to the average daily volume of 329 put options.
Several large investors have recently modified their holdings of the stock. First Republic Investment Management Inc. increased its stake in shares of Rite Aid Corporation by 0.5% in the fourth quarter. First Republic Investment Management Inc. now owns 115,686 shares of the company’s stock valued at $953,000 after buying an additional 567 shares during the period. Franklin Resources Inc. increased its stake in Rite Aid Corporation by 2.6% in the fourth quarter. Franklin Resources Inc. now owns 34,173,992 shares of the company’s stock worth $281,594,000 after buying an additional 880,922 shares during the last quarter. GSA Capital Partners LLP increased its stake in Rite Aid Corporation by 8.5% in the fourth quarter. GSA Capital Partners LLP now owns 21,801 shares of the company’s stock worth $180,000 after buying an additional 1,703 shares during the last quarter. Public Sector Pension Investment Board increased its stake in Rite Aid Corporation by 126.1% in the fourth quarter. Public Sector Pension Investment Board now owns 4,522,500 shares of the company’s stock worth $37,265,000 after buying an additional 2,522,500 shares during the last quarter. Finally, Scotia Capital Inc. raised its position in shares of Rite Aid Corporation by 324.1% in the fourth quarter. Scotia Capital Inc. now owns 135,080 shares of the company’s stock valued at $1,115,000 after buying an additional 103,230 shares during the period. Institutional investors and hedge funds own 56.94% of the company’s stock.
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Rite Aid Corporation Company Profile
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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