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.
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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