Rite Aid (RAD) Debt Trading 2.8% Higher

An issue of Rite Aid Co. (NYSE:RAD) debt rose 2.8% as a percentage of its face value during trading on Thursday. The high-yield debt issue has a 7.7% coupon and is set to mature on February 15, 2027. The debt is now trading at $89.50 and was trading at $86.00 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.

Several analysts have recently issued reports on RAD shares. Loop Capital started coverage on shares of Rite Aid in a research report on Monday, September 11th. They issued a “hold” rating and a $2.50 price target on the stock. Zacks Investment Research raised shares of Rite Aid from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Royal Bank Of Canada set a $2.00 price target on shares of Rite Aid and gave the company a “hold” rating in a research report on Wednesday, October 25th. Mizuho set a $2.00 price target on shares of Rite Aid and gave the company a “hold” rating in a research report on Saturday, October 7th. Finally, Guggenheim reissued a “neutral” rating and issued a $2.00 price target on shares of Rite Aid in a research report on Monday, October 2nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $3.68.

Rite Aid Co. (NYSE RAD) traded down $0.15 during midday trading on Thursday, hitting $2.01. 54,692,062 shares of the stock traded hands, compared to its average volume of 28,067,715. The company has a debt-to-equity ratio of 9.71, a quick ratio of 0.77 and a current ratio of 1.74. Rite Aid Co. has a one year low of $1.38 and a one year high of $8.77.

Rite Aid (NYSE:RAD) last posted its earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.01). The business had revenue of $7.68 billion for the quarter, compared to analyst estimates of $7.83 billion. Rite Aid had a net margin of 0.28% and a negative return on equity of 7.51%. Rite Aid’s revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 EPS. research analysts predict that Rite Aid Co. will post -0.1 earnings per share for the current fiscal year.

In related news, Director Myrtle S. Potter sold 28,189 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $2.09, for a total transaction of $58,915.01. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.29% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Advisor Group Inc. increased its holdings in Rite Aid by 49.8% during the 2nd quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock worth $101,000 after acquiring an additional 12,140 shares during the period. Smithfield Trust Co. increased its holdings in Rite Aid by 37.8% during the 2nd quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock worth $111,000 after acquiring an additional 10,330 shares during the period. Pinnacle Associates Ltd. increased its holdings in Rite Aid by 8.1% during the 2nd quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock worth $115,000 after acquiring an additional 2,900 shares during the period. Verition Fund Management LLC bought a new stake in Rite Aid during the 2nd quarter worth approximately $120,000. Finally, Geneva Advisors LLC increased its holdings in Rite Aid by 6.5% during the 2nd quarter. Geneva Advisors LLC now owns 43,000 shares of the company’s stock worth $127,000 after acquiring an additional 2,616 shares during the period. 50.81% of the stock is currently owned by institutional investors and hedge funds.

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Rite Aid 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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