Rite Aid (NYSE:RAD) Upgraded to Buy by ValuEngine

Rite Aid (NYSE:RAD) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, ValuEngine reports.

Several other research analysts have also recently issued reports on RAD. Guggenheim reissued a “sell” rating on shares of Rite Aid in a research note on Thursday, April 18th. Zacks Investment Research cut Rite Aid from a “buy” rating to a “hold” rating in a research note on Saturday, April 13th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $38.33.

NYSE RAD traded up $0.05 during trading hours on Thursday, hitting $6.99. The company had a trading volume of 1,070,907 shares, compared to its average volume of 2,529,727. Rite Aid has a fifty-two week low of $6.12 and a fifty-two week high of $38.40. The company has a debt-to-equity ratio of 6.18, a current ratio of 1.45 and a quick ratio of 0.79. The business has a fifty day moving average of $7.57.

Rite Aid (NYSE:RAD) last issued its earnings results on Wednesday, June 26th. The company reported ($0.14) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.16). Rite Aid had a negative return on equity of 1.08% and a negative net margin of 3.40%. The company had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the business earned ($0.20) earnings per share. Equities research analysts expect that Rite Aid will post 0.16 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. MetLife Investment Advisors LLC lifted its holdings in shares of Rite Aid by 30.2% in the first quarter. MetLife Investment Advisors LLC now owns 479,222 shares of the company’s stock valued at $304,000 after purchasing an additional 111,199 shares in the last quarter. Fiera Capital Corp bought a new stake in shares of Rite Aid in the first quarter valued at about $754,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Rite Aid by 449.4% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 846,650 shares of the company’s stock valued at $538,000 after purchasing an additional 692,550 shares in the last quarter. Leisure Capital Management lifted its holdings in shares of Rite Aid by 4.5% in the first quarter. Leisure Capital Management now owns 170,443 shares of the company’s stock valued at $108,000 after purchasing an additional 7,316 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Rite Aid by 402.0% in the first quarter. JPMorgan Chase & Co. now owns 25,211,896 shares of the company’s stock valued at $16,010,000 after purchasing an additional 20,189,504 shares in the last quarter.

About Rite Aid

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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Analyst Recommendations for Rite Aid (NYSE:RAD)

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