Rite Aid (NYSE:RAD) Trading Down 5.2%

Rite Aid Co. (NYSE:RAD) shares fell 5.2% on Wednesday . The company traded as low as $7.61 and last traded at $7.66, 2,576,170 shares were traded during trading. An increase of 32% from the average session volume of 1,954,125 shares. The stock had previously closed at $8.08.

A number of brokerages have weighed in on RAD. ValuEngine cut shares of Rite Aid from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Deutsche Bank began coverage on shares of Rite Aid in a research report on Thursday, September 12th. They set a “sell” rating and a $5.00 price target for the company. Three equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Rite Aid presently has a consensus rating of “Hold” and an average target price of $11.67.

The company has a quick ratio of 0.84, a current ratio of 1.53 and a debt-to-equity ratio of 6.87. The business’s fifty day moving average is $9.27 and its two-hundred day moving average is $7.87.

Rite Aid (NYSE:RAD) last announced its quarterly earnings data on Thursday, September 26th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. The firm had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.41 billion. Rite Aid had a negative net margin of 2.12% and a positive return on equity of 0.02%. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. Research analysts expect that Rite Aid Co. will post 0.12 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in RAD. Morgan Stanley grew its holdings in Rite Aid by 81.7% during the 2nd quarter. Morgan Stanley now owns 1,978,559 shares of the company’s stock worth $15,847,000 after acquiring an additional 889,900 shares in the last quarter. Creative Planning grew its holdings in Rite Aid by 523.7% during the 3rd quarter. Creative Planning now owns 638,816 shares of the company’s stock worth $4,440,000 after acquiring an additional 536,390 shares in the last quarter. KLS Diversified Asset Management LP acquired a new position in Rite Aid during the 2nd quarter worth approximately $4,114,000. A.R.T. Advisors LLC acquired a new position in Rite Aid during the 2nd quarter worth approximately $1,817,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Rite Aid during the 2nd quarter worth approximately $1,295,000. Hedge funds and other institutional investors own 47.93% of the company’s stock.

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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