Rite Aid (NYSE:RAD) Updates FY 2022 Earnings Guidance

Rite Aid (NYSE:RAD) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $-0.900-$-0.530 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $-0.630. The company issued revenue guidance of $25.10 billion-$25.50 billion, compared to the consensus revenue estimate of $25.13 billion.

Rite Aid stock opened at $14.08 on Thursday. The firm has a market cap of $785.26 million, a price-to-earnings ratio of -18.77 and a beta of 0.86. The stock has a fifty day simple moving average of $15.87 and a two-hundred day simple moving average of $17.28. Rite Aid has a 12 month low of $8.85 and a 12 month high of $32.48. The company has a current ratio of 1.35, a quick ratio of 0.67 and a debt-to-equity ratio of 5.02.

Rite Aid (NYSE:RAD) last posted its earnings results on Wednesday, September 22nd. The company reported ($0.41) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.48) by $0.07. The business had revenue of $6.11 billion during the quarter, compared to analyst estimates of $6.21 billion. Rite Aid had a positive return on equity of 2.35% and a negative net margin of 0.17%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.25 EPS. On average, equities research analysts forecast that Rite Aid will post -0.8 EPS for the current fiscal year.

Several equities analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft lowered their target price on Rite Aid from $27.00 to $18.00 and set a hold rating on the stock in a research report on Tuesday, June 22nd. Zacks Investment Research upgraded Rite Aid from a sell rating to a hold rating and set a $18.00 target price on the stock in a research report on Tuesday, August 24th. TheStreet downgraded Rite Aid from a c- rating to a d+ rating in a research report on Wednesday, July 21st. Evercore ISI assumed coverage on Rite Aid in a research report on Friday, September 24th. They issued a sell rating and a $11.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut Rite Aid from a neutral rating to an underweight rating and reduced their target price for the stock from $21.00 to $12.00 in a report on Friday, June 25th. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to MarketBeat.com, Rite Aid presently has an average rating of Hold and a consensus price target of $14.75.

In other Rite Aid news, VP Jocelyn Z. Konrad sold 28,384 shares of the company’s stock in a transaction on Thursday, July 29th. The stock was sold at an average price of $15.42, for a total transaction of $437,681.28. Following the completion of the sale, the vice president now owns 95,065 shares in the company, valued at $1,465,902.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.26% of the stock is owned by corporate insiders.

A hedge fund recently raised its stake in Rite Aid stock. Morgan Stanley lifted its position in shares of Rite Aid Co. (NYSE:RAD) by 686.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 332,935 shares of the company’s stock after acquiring an additional 290,599 shares during the quarter. Morgan Stanley owned 0.60% of Rite Aid worth $5,427,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 56.03% of the company’s stock.

About Rite Aid

Rite Aid Corp. engages in the ownership and management of retail drug stores. It operates through following segments: Retail Pharmacy and Pharmacy Services. The Retail Pharmacy segment includes branded and generic prescription drugs, health and beauty aids, personal care products, and walk-in retail clinics.

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