Rite Aid Corporation Sees Unusually Large Options Volume (NYSE:RAD)

Rite Aid Corporation (NYSE:RAD) was the recipient of some unusual options trading activity on Thursday. Stock traders acquired 23,581 call options on the company. This represents an increase of 230% compared to the typical daily volume of 7,147 call options.

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Rite Aid Corporation by 0.4% during the second quarter. Vanguard Group Inc. now owns 84,788,103 shares of the company’s stock worth $250,125,000 after purchasing an additional 353,087 shares during the last quarter. BlackRock Inc. increased its position in Rite Aid Corporation by 4,995.0% during the first quarter. BlackRock Inc. now owns 50,473,198 shares of the company’s stock worth $214,510,000 after buying an additional 49,482,563 shares during the period. FMR LLC increased its position in Rite Aid Corporation by 204.0% during the second quarter. FMR LLC now owns 29,123,366 shares of the company’s stock worth $85,914,000 after buying an additional 19,542,772 shares during the period. State Street Corp increased its position in Rite Aid Corporation by 6.2% during the first quarter. State Street Corp now owns 20,138,093 shares of the company’s stock worth $85,585,000 after buying an additional 1,170,078 shares during the period. Finally, Morgan Stanley increased its holdings in shares of Rite Aid Corporation by 14.9% in the first quarter. Morgan Stanley now owns 8,801,138 shares of the company’s stock valued at $37,405,000 after purchasing an additional 1,143,809 shares during the period. Hedge funds and other institutional investors own 52.63% of the company’s stock.

Shares of Rite Aid Corporation (NYSE RAD) opened at 2.63 on Friday. The stock has a 50 day moving average of $2.36 and a 200-day moving average of $3.44. The stock’s market cap is $2.75 billion. Rite Aid Corporation has a 52 week low of $2.21 and a 52 week high of $8.77.

Rite Aid Corporation (NYSE:RAD) last announced its quarterly earnings data on Thursday, June 29th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $7.78 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Rite Aid Corporation had a negative net margin of 0.21% and a positive return on equity of 0.52%. The business’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.02 EPS. Equities research analysts predict that Rite Aid Corporation will post ($0.10) earnings per share for the current fiscal year.

Several analysts have recently issued reports on RAD shares. Zacks Investment Research lowered shares of Rite Aid Corporation from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 4th. Bank of America Corporation reissued an “underperform” rating and issued a $2.00 price target on shares of Rite Aid Corporation in a research report on Friday, June 30th. Cowen and Company reissued an “outperform” rating and issued a $4.70 price target on shares of Rite Aid Corporation in a research report on Monday, June 12th. Mizuho lowered shares of Rite Aid Corporation from a “buy” rating to a “neutral” rating and set a $2.95 target price on the stock. in a report on Thursday, July 20th. Finally, Loop Capital began coverage on shares of Rite Aid Corporation in a report on Monday, September 11th. They set a “hold” rating and a $2.50 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $4.28.

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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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