Equities research analysts at Goldman Sachs Group assumed coverage on shares of Rite Aid (NYSE:RAD) in a report issued on Thursday, The Fly reports. The brokerage set a “sell” rating on the stock.
Several other equities research analysts have also recently weighed in on the stock. Cowen restated a “buy” rating and issued a $2.35 price objective on shares of Rite Aid in a research report on Thursday, June 28th. Zacks Investment Research cut shares of Rite Aid from a “buy” rating to a “hold” rating in a research report on Tuesday, July 10th. TheStreet cut shares of Rite Aid from a “c-” rating to a “d” rating in a research report on Wednesday, August 8th. Finally, Mizuho restated a “hold” rating and issued a $2.00 price objective on shares of Rite Aid in a research report on Thursday, August 9th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a strong buy rating to the stock. Rite Aid presently has a consensus rating of “Hold” and an average price target of $2.54.
Shares of Rite Aid stock opened at $1.35 on Thursday. The stock has a market cap of $1.46 billion, a P/E ratio of -67.50 and a beta of 1.81. The company has a quick ratio of 0.85, a current ratio of 1.49 and a debt-to-equity ratio of 1.75. Rite Aid has a 12-month low of $1.27 and a 12-month high of $2.80.
Rite Aid (NYSE:RAD) last announced its earnings results on Wednesday, June 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.01). The business had revenue of $5.39 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Rite Aid had a net margin of 5.18% and a negative return on equity of 2.88%. The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the company posted ($0.05) EPS. equities research analysts forecast that Rite Aid will post -0.02 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently bought and sold shares of RAD. Quantitative Systematic Strategies LLC acquired a new stake in Rite Aid in the 1st quarter valued at about $134,000. State of Wisconsin Investment Board boosted its stake in shares of Rite Aid by 13.9% in the 1st quarter. State of Wisconsin Investment Board now owns 4,093,145 shares of the company’s stock valued at $6,876,000 after purchasing an additional 499,670 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Rite Aid by 14.6% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 4,511,417 shares of the company’s stock valued at $7,580,000 after purchasing an additional 575,281 shares during the last quarter. Neuburgh Advisers LLC bought a new position in shares of Rite Aid in the 1st quarter valued at about $786,000. Finally, Riverhead Capital Management LLC bought a new position in shares of Rite Aid in the 1st quarter valued at about $408,000. Hedge funds and other institutional investors own 55.64% of the company’s stock.
Rite Aid Company Profile
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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