Rite Aid (NYSE:RAD) Stock Price Down 6.7%

Shares of Rite Aid Co. (NYSE:RAD) fell 6.7% on Tuesday . The company traded as low as $6.55 and last traded at $6.55, 2,747,767 shares changed hands during mid-day trading. An increase of 64% from the average session volume of 1,674,656 shares. The stock had previously closed at $7.02.

A number of analysts have commented on the company. ValuEngine upgraded Rite Aid from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Guggenheim restated a “sell” rating on shares of Rite Aid in a research report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Rite Aid has a consensus rating of “Hold” and an average price target of $38.00.

The company has a debt-to-equity ratio of 6.18, a current ratio of 1.45 and a quick ratio of 0.79. The stock has a 50-day moving average price of $7.62.

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

A number of institutional investors and hedge funds have recently modified their holdings of RAD. JPMorgan Chase & Co. grew its position 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 purchasing an additional 20,189,504 shares in the last quarter. Norges Bank purchased a new stake in shares of Rite Aid during the fourth quarter worth about $6,491,000. Geode Capital Management LLC grew its position in shares of Rite Aid by 8.4% during the fourth quarter. Geode Capital Management LLC now owns 11,154,998 shares of the company’s stock worth $7,901,000 after purchasing an additional 868,486 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Rite Aid by 449.4% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 846,650 shares of the company’s stock worth $538,000 after purchasing an additional 692,550 shares in the last quarter. Finally, Numen Capital LLP grew its position in shares of Rite Aid by 150.0% during the first quarter. Numen Capital LLP now owns 1,000,000 shares of the company’s stock worth $635,000 after purchasing an additional 600,000 shares in 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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