Rite Aid Corporation (RAD) Reaches New 1-Year Low After Analyst Downgrade

Rite Aid Corporation (NYSE:RAD) hit a new 52-week low during mid-day trading on Monday after Mizuho lowered their price target on the stock from $2.95 to $2.25. Mizuho currently has a neutral rating on the stock. Rite Aid Corporation traded as low as $1.88 and last traded at $1.89, with a volume of 43,347,939 shares changing hands. The stock had previously closed at $1.96.

RAD has been the topic of several other research reports. Guggenheim reissued a “neutral” rating on shares of Rite Aid Corporation in a report on Monday, July 3rd. Cowen and Company reaffirmed an “outperform” rating and issued a $4.70 target price on shares of Rite Aid Corporation in a report on Monday, July 3rd. Zacks Investment Research lowered shares of Rite Aid Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Evercore ISI began coverage on shares of Rite Aid Corporation in a report on Friday, June 30th. They issued an “underperform” rating and a $2.50 target price on the stock. Finally, Loop Capital reaffirmed a “hold” rating and issued a $2.00 target price (down previously from $2.50) on shares of Rite Aid Corporation in a report on Friday, September 29th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Rite Aid Corporation presently has an average rating of “Hold” and a consensus target price of $3.73.

In other news, Director Myrtle S. Potter sold 28,189 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $2.09, for a total value of $58,915.01. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.29% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of RAD. BlackRock Inc. grew its holdings in shares of Rite Aid Corporation by 4,995.0% in the 1st quarter. BlackRock Inc. now owns 50,473,198 shares of the company’s stock worth $214,510,000 after purchasing an additional 49,482,563 shares during the last quarter. FMR LLC lifted its position in Rite Aid Corporation by 204.0% during the 2nd 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 in the last quarter. OxFORD Asset Management LLP acquired a new position in Rite Aid Corporation during the 2nd quarter worth about $14,659,000. Vanguard Group Inc. lifted its position in Rite Aid Corporation by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 84,435,016 shares of the company’s stock worth $358,848,000 after buying an additional 3,420,318 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Rite Aid Corporation by 100.4% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,412,603 shares of the company’s stock worth $15,967,000 after buying an additional 2,711,300 shares in the last quarter. 52.62% of the stock is currently owned by institutional investors and hedge funds.

The stock has a 50-day moving average of $2.31 and a 200 day moving average of $3.09. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 22.50 and a beta of 1.79.

Rite Aid Corporation (NYSE:RAD) last released its earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.01). Rite Aid Corporation had a negative return on equity of 7.51% and a net margin of 0.28%. The firm had revenue of $7.68 billion for the quarter, compared to analysts’ expectations of $7.83 billion. During the same quarter in the previous year, the business posted $0.03 earnings per share. The business’s revenue for the quarter was

RAD has been the topic of several other research reports. Guggenheim reissued a “neutral” rating on shares of Rite Aid Corporation in a report on Monday, July 3rd. Cowen and Company reaffirmed an “outperform” rating and issued a $4.70 target price on shares of Rite Aid Corporation in a report on Monday, July 3rd. Zacks Investment Research lowered shares of Rite Aid Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Evercore ISI began coverage on shares of Rite Aid Corporation in a report on Friday, June 30th. They issued an “underperform” rating and a $2.50 target price on the stock. Finally, Loop Capital reaffirmed a “hold” rating and issued a $2.00 target price (down previously from $2.50) on shares of Rite Aid Corporation in a report on Friday, September 29th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Rite Aid Corporation presently has an average rating of “Hold” and a consensus target price of $3.73.

In other news, Director Myrtle S. Potter sold 28,189 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $2.09, for a total value of $58,915.01. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.29% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of RAD. BlackRock Inc. grew its holdings in shares of Rite Aid Corporation by 4,995.0% in the 1st quarter. BlackRock Inc. now owns 50,473,198 shares of the company’s stock worth $214,510,000 after purchasing an additional 49,482,563 shares during the last quarter. FMR LLC lifted its position in Rite Aid Corporation by 204.0% during the 2nd 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 in the last quarter. OxFORD Asset Management LLP acquired a new position in Rite Aid Corporation during the 2nd quarter worth about $14,659,000. Vanguard Group Inc. lifted its position in Rite Aid Corporation by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 84,435,016 shares of the company’s stock worth $358,848,000 after buying an additional 3,420,318 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Rite Aid Corporation by 100.4% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,412,603 shares of the company’s stock worth $15,967,000 after buying an additional 2,711,300 shares in the last quarter. 52.62% of the stock is currently owned by institutional investors and hedge funds.

The stock has a 50-day moving average of $2.31 and a 200 day moving average of $3.09. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 22.50 and a beta of 1.79.

Rite Aid Corporation (NYSE:RAD) last released its earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.01). Rite Aid Corporation had a negative return on equity of 7.51% and a net margin of 0.28%. The firm had revenue of $7.68 billion for the quarter, compared to analysts’ expectations of $7.83 billion. During the same quarter in the previous year, the business posted $0.03 earnings per share. The business’s revenue for the quarter was down 4.4% on a year-over-year basis. Analysts forecast that Rite Aid Corporation will post ($0.08) earnings per share for the current year.

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About Rite Aid Corporation

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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