Rite Aid EVP Sells $3,600,600 in Stock (RAD)
Rite Aid (NYSE:RAD) EVP Robert Ivan Thompson unloaded 510,000 shares of the stock on the open market in a transaction dated Monday, June 23rd. The stock was sold at an average price of $7.06, for a total value of $3,600,600.00. Following the completion of the transaction, the executive vice president now directly owns 749,882 shares of the company’s stock, valued at approximately $5,294,167. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
A number of research firms have recently commented on RAD. 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 analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. Rite Aid has an average rating of “Buy” and an average price target of $7.75.
Rite Aid (NYSE:RAD) traded down 0.71% during mid-day trading on Tuesday, hitting $7.03. 23,861,468 shares of the company’s stock traded hands. Rite Aid has a 1-year low of $2.67 and a 1-year high of $8.62. The stock’s 50-day moving average is $7.70 and its 200-day moving average is $6.56. The company has a market cap of $6.772 billion and a P/E ratio of 40.46. Rite Aid also was the recipient of a significant decline in short interest in the month of June. As of June 13th, there was short interest totalling 42,122,715 shares, a decline of 5.8% from the May 30th total of 44,739,815 shares. Based on an average trading volume of 39,351,393 shares, the short-interest ratio is presently 1.1 days. Currently, 4.4% of the shares of the company are sold short.
Rite Aid (NYSE:RAD) last announced its earnings results on Thursday, June 19th. The company reported $0.04 EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted $0.09 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, analysts predict that Rite Aid will post $0.35 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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