Rite Aid (NYSE:RAD) Sees Large Volume Increase

Rite Aid Co. (NYSE:RAD) shares saw unusually-strong trading volume on Thursday . Approximately 16,219,782 shares traded hands during 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.

Several equities analysts recently commented on RAD shares. Zacks Investment Research upgraded shares of 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. Guggenheim reiterated a “sell” rating on shares of Rite Aid in a research note on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $38.33.

The stock’s 50 day simple moving average is $7.67. The company has a current ratio of 1.68, a quick ratio of 0.91 and a debt-to-equity ratio of 2.93.

Rite Aid (NYSE:RAD) last released its earnings results on Wednesday, June 26th. The company reported ($0.14) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.16). The company had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.37 billion. Rite Aid had a negative net margin of 3.40% and a negative return on equity of 1.02%. During the same quarter in the previous year, the company earned ($0.20) earnings per share. As a group, equities research analysts expect that Rite Aid Co. will post 0.27 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the stock. MetLife Investment Advisors LLC raised its stake in shares of Rite Aid by 30.2% in the 1st quarter. MetLife Investment Advisors LLC now owns 479,222 shares of the company’s stock valued at $304,000 after buying an additional 111,199 shares in the last quarter. Fiera Capital Corp acquired a new position in shares of Rite Aid in the 1st quarter valued at $754,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Rite Aid by 449.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 846,650 shares of the company’s stock valued at $538,000 after buying an additional 692,550 shares in the last quarter. Leisure Capital Management raised its stake in shares of Rite Aid by 4.5% in the 1st quarter. Leisure Capital Management now owns 170,443 shares of the company’s stock valued at $108,000 after buying an additional 7,316 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Rite Aid by 402.0% in the 1st quarter. JPMorgan Chase & Co. now owns 25,211,896 shares of the company’s stock valued at $16,010,000 after buying an additional 20,189,504 shares in the last quarter.

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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