Traders Buy High Volume of Put Options on Rite Aid (RAD)
Rite Aid (NYSE:RAD) saw some unusual options trading activity on Tuesday. Traders purchased 31,621 put options on the company, Stock Ratings News reports. This represents an increase of approximately 938% compared to the typical volume of 3,046 put options.
RAD has been the subject of a number of recent research reports. Analysts at Zacks reiterated an “outperform” rating on shares of Rite Aid in a research note on Friday, May 2nd. They now have a $8.50 price target on the stock. Finally, analysts at Deutsche Bank raised their price target on shares of Rite Aid from $7.00 to $9.00 in a research note on Monday, April 14th. They now have a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Rite Aid currently has an average rating of “Buy” and a consensus target price of $7.78.
Shares of Rite Aid (NYSE:RAD) traded down 0.64% during mid-day trading on Tuesday, hitting $7.82. 22,878,752 shares of the company’s stock traded hands. Rite Aid has a 52-week low of $2.49 and a 52-week high of $7.96. The stock’s 50-day moving average is $6.97 and its 200-day moving average is $6.06. The company has a market cap of $7.596 billion and a price-to-earnings ratio of 34.82.
Rite Aid (NYSE:RAD) last posted its quarterly earnings results on Thursday, April 10th. The company reported $0.10 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.04 by $0.06. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.54 billion. During the same quarter last year, the company posted $0.13 earnings per share. Rite Aid’s revenue was up 2.2% compared to the same quarter last year. On average, analysts predict that Rite Aid will post $0.39 earnings per share for the current fiscal year.
Rite Aid Corporation is a retail drugstore chain in the United States. In the Company’s stores, it sells prescription drugs and a range of other merchandise, which it calls front end products.
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