Stock Traders Purchase High Volume of Put Options on Rite Aid (RAD)
Rite Aid (NYSE:RAD) was the target of unusually large options trading on Wednesday. Stock investors purchased 6,032 put options on the company, Stock Ratings Network reports. This is an increase of 123% compared to the typical volume of 2,709 put options.
A number of analysts have recently weighed in on RAD shares. Analysts at Credit Suisse reiterated an “outperform” rating on shares of Rite Aid in a research note on Friday, May 23rd. They now have a $8.50 price target on the stock. Separately, 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 Zacks upgraded shares of Rite Aid from a “hold” rating to a “buy” rating in a research note on Tuesday, April 15th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Rite Aid has an average rating of “Buy” and an average price target of $7.78.
Shares of Rite Aid (NYSE:RAD) traded up 2.78% during mid-day trading on Wednesday, hitting $8.50. 22,394,260 shares of the company’s stock traded hands. Rite Aid has a 52 week low of $2.62 and a 52 week high of $8.45. The stock’s 50-day moving average is $7.65 and its 200-day moving average is $6.38. The company has a market cap of $8.256 billion and a P/E ratio of 36.59.
Rite Aid (NYSE:RAD) last issued its quarterly earnings data 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. Analysts expect that Rite Aid will post $0.39 EPS 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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