Rite Aid Given Consensus Rating of “Buy” by Brokerages (NYSE:RAD)
Shares of Rite Aid (NYSE:RAD) have been given an average recommendation of “Buy” by the ten analysts that are presently covering the company, Stock Ratings News reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $7.50.
A number of analysts have recently weighed in on RAD shares. Analysts at Jefferies Group cut their price target on shares of Rite Aid from $7.50 to $6.50 in a research note on Friday, August 8th. Separately, analysts at S&P Equity Research downgraded shares of Rite Aid to a “sell” rating in a research note on Friday, June 6th. Finally, analysts at Goldman Sachs reiterated a “buy” rating on shares of Rite Aid in a research note on Thursday, June 5th.
Rite Aid (NYSE:RAD) opened at 6.22 on Thursday. Rite Aid has a one year low of $3.46 and a one year high of $8.62. The stock has a 50-day moving average of $6.62 and a 200-day moving average of $6.97. The company has a market cap of $5.992 billion and a price-to-earnings ratio of 36.53. Rite Aid also was the recipient of a large growth in short interest in the month of August. As of August 15th, there was short interest totalling 38,718,163 shares, a growth of 28.3% from the July 31st total of 30,166,576 shares. Based on an average trading volume of 24,308,641 shares, the short-interest ratio is currently 1.6 days. Currently, 4.0% of the company’s stock are sold short.
Rite Aid (NYSE:RAD) last posted its quarterly earnings results on Thursday, June 19th. The company reported $0.04 earnings per share for the quarter, missing the analysts’ 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 last year, the company posted $0.09 earnings per share. Rite Aid’s revenue was up 2.7% compared to the same quarter last year. 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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