An issue of Rite Aid Co. (NYSE:RAD) debt rose 1% as a percentage of its face value during trading on Monday. The high-yield issue of debt has a 6.125% coupon and will mature on April 1, 2023. The bonds in the issue are now trading at $88.00 and were trading at $84.63 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.
RAD has been the topic of several research analyst reports. Zacks Investment Research upgraded Rite Aid from a “sell” rating to a “hold” rating in a report on Friday, August 24th. Goldman Sachs Group started coverage on Rite Aid in a report on Thursday, September 6th. They set a “sell” rating and a $1.00 target price on the stock. Cowen cut Rite Aid from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $2.35 to $6.00 in a report on Monday, August 13th. Mizuho restated a “hold” rating and set a $2.00 target price on shares of Rite Aid in a report on Thursday, August 9th. Finally, TheStreet cut Rite Aid from a “c-” rating to a “d” rating in a report on Wednesday, August 8th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $2.16.
Shares of Rite Aid stock traded up $0.04 on Monday, hitting $1.23. 9,725,604 shares of the company were exchanged, compared to its average volume of 17,452,307. The stock has a market cap of $1.27 billion, a P/E ratio of -61.50 and a beta of 1.48. Rite Aid Co. has a 1-year low of $0.98 and a 1-year high of $2.55. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.62 and a quick ratio of 0.94.
Rite Aid (NYSE:RAD) last issued its earnings results on Thursday, September 27th. The company reported ($0.01) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). The business had revenue of $5.42 billion for the quarter, compared to analysts’ expectations of $5.36 billion. Rite Aid had a negative return on equity of 1.97% and a net margin of 3.26%. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.01) EPS.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HRT Financial LLC acquired a new position in Rite Aid in the second quarter valued at approximately $105,000. Private Management Group Inc. acquired a new position in Rite Aid in the second quarter valued at approximately $11,435,000. Alpine Associates Management Inc. lifted its holdings in Rite Aid by 35.0% in the second quarter. Alpine Associates Management Inc. now owns 13,514,200 shares of the company’s stock valued at $22,840,000 after acquiring an additional 3,502,400 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Rite Aid in the second quarter valued at approximately $105,000. Finally, Sarbit Advisory Services Inc. acquired a new position in Rite Aid in the second quarter valued at approximately $7,987,000. Hedge funds and other institutional investors own 55.28% of the company’s stock.
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Rite Aid Company Profile (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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