Rite Aid Corporation (NYSE:RAD) had its price objective dropped by investment analysts at Mizuho from $2.95 to $2.25 in a research report issued to clients and investors on Friday. The brokerage presently has a “neutral” rating on the stock. Mizuho’s price objective would suggest a potential upside of 8.17% from the company’s current price.

Other analysts have also issued reports about the company. Loop Capital started coverage on Rite Aid Corporation in a report on Monday, September 11th. They issued a “hold” rating and a $2.50 price objective on the stock. Zacks Investment Research raised Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 29th. Guggenheim reissued a “neutral” rating on shares of Rite Aid Corporation in a report on Monday, July 3rd. Cowen and Company reissued an “outperform” rating and issued a $4.70 price objective on shares of Rite Aid Corporation in a report on Monday, June 12th. Finally, Royal Bank Of Canada started coverage on Rite Aid Corporation in a report on Tuesday, September 19th. They issued a “sector perform” rating and a $2.50 price objective on the stock. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $3.75.

Rite Aid Corporation (RAD) opened at 2.08 on Friday. Rite Aid Corporation has a 12-month low of $1.90 and a 12-month high of $8.77. The company has a 50-day moving average price of $2.33 and a 200-day moving average price of $3.15. The stock’s market capitalization is $2.18 billion.

Rite Aid Corporation (NYSE:RAD) last issued its quarterly earnings data on Thursday, September 28th. The company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). Rite Aid Corporation had a negative return on equity of 7.51% and a net margin of 0.28%. The company had revenue of $7.68 billion for the quarter, compared to analyst estimates of $7.83 billion. During the same period last year, the company earned $0.03 earnings per share. Rite Aid Corporation’s quarterly revenue was down 4.4% compared to the same quarter last year. Analysts expect that Rite Aid Corporation will post ($0.08) earnings per share for the current fiscal year.

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In other news, Director Myrtle S. Potter sold 28,189 shares of the firm’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $2.09, for a total value of $58,915.01. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.29% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RAD. KBC Group lifted its position in shares of Rite Aid Corporation by 972.8% in the third quarter. KBC Group now owns 719,167 shares of the company’s stock valued at $4,365,000 after acquiring an additional 652,129 shares in the last quarter. Janus Capital Management lifted its position in shares of Rite Aid Corporation by 193.5% in the third quarter. Janus Capital Management now owns 3,778,600 shares of the company’s stock valued at $22,936,000 after acquiring an additional 2,491,334 shares in the last quarter. CIBC World Markets lifted its position in shares of Rite Aid Corporation by 133.9% in the fourth quarter. CIBC World Markets now owns 233,113 shares of the company’s stock valued at $1,828,000 after acquiring an additional 133,467 shares in the last quarter. Fourth Swedish National Pension Fund lifted its position in shares of Rite Aid Corporation by 5.4% in the fourth quarter. Fourth Swedish National Pension Fund now owns 286,665 shares of the company’s stock valued at $2,247,000 after acquiring an additional 14,704 shares in the last quarter. Finally, Rhenman & Partners Asset Management lifted its position in shares of Rite Aid Corporation by 2.0% in the fourth quarter. Rhenman & Partners Asset Management now owns 678,000 shares of the company’s stock valued at $5,316,000 after acquiring an additional 13,000 shares in the last quarter. Institutional investors and hedge funds own 52.62% of the company’s stock.

About Rite Aid Corporation

Rite Aid Corporation is a retail drugstore chain. The Company’s segments include Retail Pharmacy and Pharmacy Services. The Company operates under The Rite Aid name. It operates approximately 4,560 stores in over 30 states across the country and in the District of Columbia. The Company’s Retail Pharmacy segment consists of Rite Aid stores, RediClinic and Health Dialog.

Analyst Recommendations for Rite Aid Corporation (NYSE:RAD)

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