JPMorgan Chase & Co. Raises Rite Aid (NYSE:RAD) Price Target to $17.00

Rite Aid (NYSE:RAD) had its price objective increased by stock analysts at JPMorgan Chase & Co. from $12.00 to $17.00 in a research report issued on Friday, The Fly reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 7.53% from the company’s current price.

A number of other equities analysts have also issued reports on the stock. Guggenheim upgraded shares of Rite Aid from a “sell” rating to a “neutral” rating in a research report on Thursday, February 27th. Deutsche Bank increased their price objective on shares of Rite Aid from $12.00 to $18.00 and gave the company a “hold” rating in a report on Friday. Zacks Investment Research upgraded shares of Rite Aid from a “sell” rating to a “hold” rating and set a $13.00 price objective on the stock in a report on Thursday, May 7th. Finally, ValuEngine lowered shares of Rite Aid from a “hold” rating to a “sell” rating in a report on Friday, April 17th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $16.00.

Shares of RAD stock traded down $0.48 during trading hours on Friday, reaching $15.81. 2,108,502 shares of the company were exchanged, compared to its average volume of 3,230,407. Rite Aid has a fifty-two week low of $5.04 and a fifty-two week high of $23.88. The stock’s fifty day moving average is $13.10 and its two-hundred day moving average is $13.40. The company has a market cap of $704.03 million, a price-to-earnings ratio of -1.88 and a beta of 0.88. The company has a debt-to-equity ratio of 8.61, a current ratio of 1.34 and a quick ratio of 0.64.

Rite Aid (NYSE:RAD) last announced its earnings results on Thursday, June 25th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.38) by $0.34. Rite Aid had a negative net margin of 2.06% and a positive return on equity of 0.87%. The company had revenue of $6.03 billion for the quarter, compared to analyst estimates of $5.61 billion. Rite Aid’s revenue was up 12.2% compared to the same quarter last year. On average, research analysts anticipate that Rite Aid will post -1.43 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Harvest Fund Management Co. Ltd bought a new stake in Rite Aid in the first quarter valued at approximately $35,000. Federated Hermes Inc. increased its stake in Rite Aid by 2,053.3% in the first quarter. Federated Hermes Inc. now owns 2,907 shares of the company’s stock valued at $44,000 after purchasing an additional 2,772 shares in the last quarter. Great West Life Assurance Co. Can bought a new stake in Rite Aid in the fourth quarter valued at approximately $47,000. RPG Investment Advisory LLC increased its stake in Rite Aid by 67.9% in the first quarter. RPG Investment Advisory LLC now owns 3,190 shares of the company’s stock valued at $48,000 after purchasing an additional 1,290 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Rite Aid by 103.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,765 shares of the company’s stock valued at $71,000 after purchasing an additional 2,428 shares in the last quarter. Institutional investors and hedge funds own 53.43% 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. The company operates through two segments, Retail Pharmacy and Pharmacy Services. The Retail Pharmacy segment sells prescription drugs and an assortment 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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