Investment analysts at Evercore ISI started coverage on shares of Rite Aid (NYSE:RAD) in a report issued on Thursday, The Fly reports. The brokerage set an “underperform” rating on the stock.
A number of other analysts have also issued reports on RAD. Loop Capital started coverage on Rite Aid in a research note on Monday, September 11th. They issued a “hold” rating and a $2.50 price target on the stock. Royal Bank of Canada started coverage on Rite Aid in a research note on Tuesday, September 19th. They issued a “sector perform” rating and a $2.50 price target on the stock. Guggenheim reissued a “neutral” rating and issued a $2.00 price target on shares of Rite Aid in a research note on Monday, October 2nd. Zacks Investment Research lowered Rite Aid from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Finally, Mizuho decreased their price target on Rite Aid from $2.95 to $2.25 and set a “neutral” rating on the stock in a research note on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $3.25.
Shares of Rite Aid (RAD) traded down $0.02 during trading hours on Thursday, reaching $2.11. The company’s stock had a trading volume of 43,895,102 shares, compared to its average volume of 39,275,250. The company has a current ratio of 1.74, a quick ratio of 0.77 and a debt-to-equity ratio of 9.71. Rite Aid has a 12-month low of $1.38 and a 12-month high of $8.77. The firm has a market cap of $2,210.00, a price-to-earnings ratio of 26.38 and a beta of 1.83.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DUPONT CAPITAL MANAGEMENT Corp acquired a new position in shares of Rite Aid in the 1st quarter valued at about $322,000. State of New Jersey Common Pension Fund D raised its holdings in shares of Rite Aid by 1.7% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 6,100,000 shares of the company’s stock valued at $11,956,000 after buying an additional 100,000 shares during the period. Commerzbank Aktiengesellschaft FI raised its holdings in shares of Rite Aid by 8.6% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 58,242 shares of the company’s stock valued at $248,000 after buying an additional 4,601 shares during the period. Vanguard Group Inc. raised its holdings in shares of Rite Aid by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 84,435,016 shares of the company’s stock valued at $358,848,000 after buying an additional 3,420,318 shares during the period. Finally, Cowen Inc. raised its holdings in shares of Rite Aid by 173.9% during the 3rd quarter. Cowen Inc. now owns 858,400 shares of the company’s stock valued at $1,682,000 after buying an additional 545,000 shares during the period. 50.72% of the stock is currently owned by institutional investors and hedge funds.
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About Rite Aid
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.