Rite Aid (NYSE:RAD) Trading 6.5% Higher

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Rite Aid Co. (NYSE:RAD) shares traded up 6.5% during mid-day trading on Friday . The company traded as high as $9.36 and last traded at $9.13, 4,011,145 shares were traded during mid-day trading. An increase of 105% from the average session volume of 1,959,221 shares. The stock had previously closed at $8.57.

A number of equities analysts have issued reports on the company. Deutsche Bank assumed coverage on Rite Aid in a report on Thursday, September 12th. They issued a “sell” rating and a $5.00 price objective for the company. Evercore ISI reissued a “sell” rating on shares of Rite Aid in a research note on Monday, August 12th. Finally, ValuEngine cut Rite Aid from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Three equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $11.67.

The business has a 50 day moving average price of $7.15 and a 200 day moving average price of $6.53. The company has a quick ratio of 0.84, a current ratio of 1.53 and a debt-to-equity ratio of 6.87.

Rite Aid (NYSE:RAD) last released its earnings results on Thursday, September 26th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Rite Aid had a positive return on equity of 0.02% and a negative net margin of 2.12%. The firm had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.41 billion. Rite Aid’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, equities research analysts anticipate that Rite Aid Co. will post 0.12 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parallax Volatility Advisers L.P. purchased a new stake in shares of Rite Aid in the second quarter worth $66,000. Point72 Hong Kong Ltd purchased a new stake in shares of Rite Aid during the second quarter valued at $67,000. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Rite Aid during the second quarter valued at $90,000. HBK Sorce Advisory LLC boosted its position in shares of Rite Aid by 77.5% during the second quarter. HBK Sorce Advisory LLC now owns 18,825 shares of the company’s stock valued at $141,000 after buying an additional 8,220 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its position in shares of Rite Aid by 161.4% during the second quarter. GSA Capital Partners LLP now owns 26,376 shares of the company’s stock valued at $211,000 after buying an additional 16,286 shares during the last quarter. 55.86% of the stock is currently owned by hedge funds and other institutional investors.

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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