Rite Aid Corporation (RAD) Bond Prices Fall 0.7%
An issue of Rite Aid Corporation (NYSE:RAD) debt fell 0.7% as a percentage of its face value during trading on Wednesday. The high-yield issue of debt has a 6.125% coupon and is set to mature on April 1, 2023. The debt is now trading at $98.00 and was trading at $98.25 last week. Price changes in a company’s debt in credit markets often anticipate parallel changes in its share price.
RAD has been the subject of several research analyst reports. Zacks Investment Research raised shares of Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 16th. Mizuho downgraded shares of Rite Aid Corporation from a “buy” rating to a “neutral” rating and set a $2.95 price objective for the company. in a report on Thursday, July 20th. Guggenheim reaffirmed a “neutral” rating on shares of Rite Aid Corporation in a report on Monday, July 3rd. Cowen and Company reaffirmed an “outperform” rating and issued a $4.70 price objective on shares of Rite Aid Corporation in a report on Monday, July 3rd. Finally, Bank of America Corporation reaffirmed an “underperform” rating and issued a $2.00 price objective on shares of Rite Aid Corporation in a report on Friday, June 30th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $4.53.
Shares of Rite Aid Corporation (NYSE RAD) opened at 2.42 on Friday. The firm’s market capitalization is $2.53 billion. The firm has a 50-day moving average of $2.35 and a 200-day moving average of $3.68. Rite Aid Corporation has a one year low of $2.21 and a one year high of $8.77.
Rite Aid Corporation (NYSE:RAD) last posted its quarterly earnings results on Thursday, June 29th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by $0.04. The firm had revenue of $7.78 billion during the quarter, compared to the consensus estimate of $8.29 billion. Rite Aid Corporation had a negative net margin of 0.21% and a positive return on equity of 0.52%. Rite Aid Corporation’s revenue was down 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.02 EPS. On average, equities analysts predict that Rite Aid Corporation will post ($0.09) earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the stock. Fort Pitt Capital Group LLC boosted its position in Rite Aid Corporation by 37.8% in the second quarter. Fort Pitt Capital Group LLC now owns 49,210 shares of the company’s stock valued at $145,000 after buying an additional 13,500 shares in the last quarter. Verition Fund Management LLC purchased a new position in Rite Aid Corporation during the second quarter valued at about $120,000. PointState Capital LP purchased a new position in Rite Aid Corporation during the second quarter valued at about $221,000. Institute for Wealth Management LLC. purchased a new position in Rite Aid Corporation during the second quarter valued at about $199,000. Finally, GMT Capital Corp purchased a new position in Rite Aid Corporation during the second quarter valued at about $3,600,000. Institutional investors and hedge funds own 52.63% of the company’s stock.
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Rite Aid Corporation Company Profile
Rite Aid Corporation is a retail drugstore chain. The Company’s segments include Retail Pharmacy and Pharmacy Services. The Company operates under The Rite Aid name. It operates approximately 4,560 stores in over 30 states across the country and in the District of Columbia. The Company’s Retail Pharmacy segment consists of Rite Aid stores, RediClinic and Health Dialog.
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