Rite Aid (NYSE:RAD - Get Rating) updated its FY 2023 earnings guidance on Thursday. The company provided earnings per share guidance of -$1.19--$0.66 for the period, compared to the consensus earnings per share estimate of -$1.41. The company issued revenue guidance of $23.60 billion-$24.00 billion, compared to the consensus revenue estimate of $22.91 billion.
RAD has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised their price target on shares of Rite Aid from $2.00 to $4.00 in a research report on Friday, June 3rd. StockNews.com initiated coverage on shares of Rite Aid in a research report on Thursday, March 31st. They set a hold rating on the stock. Three investment analysts have rated the stock with a sell rating and one has given a hold rating to the stock. Based on data from MarketBeat, Rite Aid presently has a consensus rating of Reduce and an average price target of $9.00.
RAD opened at $6.71 on Thursday. The company has a debt-to-equity ratio of 27.75, a current ratio of 1.18 and a quick ratio of 0.51. Rite Aid has a fifty-two week low of $4.68 and a fifty-two week high of $20.42. The company's 50-day moving average is $6.25 and its 200 day moving average is $9.24.
Rite Aid (NYSE:RAD - Get Rating) last announced its quarterly earnings data on Thursday, April 14th. The company reported ($1.63) EPS for the quarter, missing the consensus estimate of ($0.57) by ($1.06). The company had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.96 billion. Rite Aid had a negative return on equity of 19.38% and a negative net margin of 2.19%. The business's revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.78) EPS. On average, equities research analysts anticipate that Rite Aid will post -1.5 EPS for the current fiscal year.
Hedge funds have recently made changes to their positions in the business. Engineers Gate Manager LP raised its position in Rite Aid by 307.0% in the first quarter. Engineers Gate Manager LP now owns 243,100 shares of the company's stock worth $2,127,000 after acquiring an additional 183,372 shares during the period. Bank of America Corp DE increased its stake in shares of Rite Aid by 76.3% in the first quarter. Bank of America Corp DE now owns 199,527 shares of the company's stock worth $1,745,000 after purchasing an additional 86,332 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Rite Aid by 11.5% in the first quarter. BNP Paribas Arbitrage SA now owns 159,767 shares of the company's stock worth $1,398,000 after purchasing an additional 16,507 shares in the last quarter. Swiss National Bank increased its stake in shares of Rite Aid by 8.4% in the first quarter. Swiss National Bank now owns 131,890 shares of the company's stock worth $1,154,000 after purchasing an additional 10,200 shares in the last quarter. Finally, APG Asset Management N.V. purchased a new position in shares of Rite Aid in the first quarter worth about $930,000. 65.68% of the stock is currently owned by institutional investors and hedge funds.
Rite Aid Company Profile (Get Rating)
Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. The company operates through two segments, Retail Pharmacy and Pharmacy Services. The Retail Pharmacy segment sells prescription drugs and provides various other pharmacy services and an assortment of products comprising over-the-counter medications, health and beauty aids, personal care products, seasonal merchandise, cosmetics, household items, food and beverages, greeting cards, seasonal and general merchandise, pet care, and a variety of other everyday and convenience products, as well as brand and generic prescription drugs; and a private brand product line.
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