Mizuho downgraded shares of Rite Aid Corporation (NYSE:RAD) from a buy rating to a neutral rating in a report issued on Thursday. The firm currently has $2.95 price target on the stock.
Other research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Rite Aid Corporation from a strong sell rating to a hold rating in a report on Tuesday, May 16th. Guggenheim lowered Rite Aid Corporation from a buy rating to a neutral rating in a research report on Tuesday, April 25th. Cowen and Company reissued an outperform rating and issued a $4.70 price objective on shares of Rite Aid Corporation in a research report on Monday, July 3rd. Bank of America Corporation reissued an underperform rating and issued a $2.00 price objective on shares of Rite Aid Corporation in a research report on Friday, June 30th. Finally, Evercore ISI assumed coverage on Rite Aid Corporation in a research report on Friday, June 30th. They issued an underperform rating and a $2.50 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Hold and an average target price of $4.53.
Shares of Rite Aid Corporation (NYSE:RAD) traded down 2.36% during midday trading on Thursday, reaching $2.48. The company’s stock had a trading volume of 22,369,705 shares. The firm’s 50 day moving average is $2.98 and its 200 day moving average is $4.66. Rite Aid Corporation has a 52 week low of $2.21 and a 52 week high of $8.77. The firm’s market capitalization is $2.60 billion.
Rite Aid Corporation (NYSE:RAD) last issued its earnings results on Thursday, June 29th. The company reported ($0.05) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.04. Rite Aid Corporation had a negative net margin of 0.21% and a positive return on equity of 0.52%. The firm had revenue of $7.78 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the business posted $0.02 EPS. Rite Aid Corporation’s revenue was down 4.9% compared to the same quarter last year. Equities analysts forecast that Rite Aid Corporation will post ($0.09) EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RAD. Capstone Asset Management Co. raised its position in Rite Aid Corporation by 7.9% in the first quarter. Capstone Asset Management Co. now owns 25,870 shares of the company’s stock valued at $110,000 after buying an additional 1,890 shares during the period. Cohen Capital Management Inc. raised its stake in shares of Rite Aid Corporation by 3.4% in the first quarter. Cohen Capital Management Inc. now owns 26,978 shares of the company’s stock worth $115,000 after buying an additional 875 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Rite Aid Corporation by 24.4% in the first quarter. Nordea Investment Management AB now owns 29,061 shares of the company’s stock worth $124,000 after buying an additional 5,706 shares during the last quarter. Johanson Financial Advisors Inc. raised its stake in shares of Rite Aid Corporation by 62.2% in the first quarter. Johanson Financial Advisors Inc. now owns 30,515 shares of the company’s stock worth $127,000 after buying an additional 11,700 shares during the last quarter. Finally, Gemmer Asset Management LLC acquired a new stake in shares of Rite Aid Corporation during the first quarter worth about $140,000. 56.85% of the stock is currently owned by institutional investors.
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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