Rite Aid Shares Down 3.2% After Earnings Miss (RAD)
Rite Aid (NYSE:RAD) was down 3.2% during trading on Thursday after the company announced weaker than expected quarterly earnings, StockRatingsNetwork.com reports. The company traded as low as $7.13 and last traded at $7.20, with a volume of 37,466,511 shares trading hands. The stock had previously closed at $7.44.
The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by $0.01. The company had revenue of $6.47 billion for the quarter, compared to the consensus estimate of $6.43 billion. During the same quarter in the previous year, the company posted $0.09 earnings per share. The company’s revenue for the quarter was up 2.7% on a year-over-year basis.
RAD has been the subject of a number of recent research reports. Analysts at S&P Equity Research downgraded shares of Rite Aid to a “sell” rating in a research note on Friday, June 6th. Separately, analysts at Goldman Sachs reiterated a “buy” rating on shares of Rite Aid in a research note on Thursday, June 5th. Finally, 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $7.75.
The stock has a 50-day moving average of $7.74 and a 200-day moving average of $6.5. The company has a market cap of $6.930 billion and a P/E ratio of 32.92.
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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