Rite Aid (NYSE:RAD) Sees Large Volume Increase

Rite Aid Co. (NYSE:RAD) shares saw strong trading volume on Thursday . 16,219,782 shares traded hands during mid-day trading, an increase of 1,014% from the previous session’s volume of 1,456,453 shares.The stock last traded at $8.57 and had previously closed at $7.11.

A number of research analysts have issued reports on the company. Guggenheim reissued a “sell” rating on shares of Rite Aid in a research note on Thursday, April 18th. Zacks Investment Research raised Rite Aid from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Tuesday, April 2nd. Two analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Rite Aid has a consensus rating of “Hold” and a consensus price target of $38.33.

The company has a debt-to-equity ratio of 2.93, a current ratio of 1.68 and a quick ratio of 0.91. The firm has a 50-day moving average price of $7.67.

Rite Aid (NYSE:RAD) last posted its quarterly earnings data on Wednesday, June 26th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.16). The firm had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.37 billion. Rite Aid had a negative return on equity of 1.21% and a negative net margin of 1.95%. During the same period in the prior year, the company earned ($0.20) earnings per share. On average, equities research analysts predict that Rite Aid Co. will post 0.27 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of the company. Leisure Capital Management boosted its position in shares of Rite Aid by 4.5% during the first quarter. Leisure Capital Management now owns 170,443 shares of the company’s stock worth $108,000 after buying an additional 7,316 shares during the period. Comerica Bank boosted its position in shares of Rite Aid by 12.9% during the first quarter. Comerica Bank now owns 73,784 shares of the company’s stock worth $42,000 after buying an additional 8,444 shares during the period. Paloma Partners Management Co boosted its position in shares of Rite Aid by 21.5% during the fourth quarter. Paloma Partners Management Co now owns 82,600 shares of the company’s stock worth $59,000 after buying an additional 14,600 shares during the period. Brookstone Capital Management boosted its position in shares of Rite Aid by 111.8% during the first quarter. Brookstone Capital Management now owns 42,617 shares of the company’s stock worth $27,000 after buying an additional 22,500 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of Rite Aid by 1.6% during the first quarter. Rhumbline Advisers now owns 1,586,561 shares of the company’s stock worth $1,007,000 after buying an additional 25,030 shares during the period.

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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