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.
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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