Rite Aid (NYSE:RAD – Get Rating) updated its FY 2023 earnings guidance on Monday. The company provided EPS guidance of -$1.52–$0.97 for the period, compared to the consensus EPS estimate of -$1.39. The company issued revenue guidance of $23.60 billion-$24.00 billion, compared to the consensus revenue estimate of $23.36 billion.
Analysts Set New Price Targets
Several research firms have recently weighed in on RAD. Evercore ISI reduced their price objective on Rite Aid from $7.00 to $4.50 and set an underperform rating for the company in a research report on Friday, September 30th. Deutsche Bank Aktiengesellschaft reduced their price objective on Rite Aid from $4.00 to $3.00 and set a sell rating for the company in a research report on Monday, October 3rd. Finally, StockNews.com cut Rite Aid from a hold rating to a sell rating in a research report on Friday, September 30th.
Rite Aid Trading Down 11.1 %
Shares of RAD opened at $4.64 on Monday. The company has a debt-to-equity ratio of 27.75, a quick ratio of 0.61 and a current ratio of 1.33. The business has a 50-day simple moving average of $7.71 and a two-hundred day simple moving average of $7.21. Rite Aid has a 52 week low of $4.44 and a 52 week high of $15.65.
Rite Aid (NYSE:RAD – Get Rating) last released its quarterly earnings data on Thursday, September 29th. The company reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.07). The business had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $5.86 billion. Rite Aid had a negative return on equity of 260.98% and a negative net margin of 3.58%. The business’s revenue was down 3.5% on a year-over-year basis. During the same period last year, the company earned ($0.41) EPS. As a group, analysts predict that Rite Aid will post -2.11 earnings per share for the current year.
Hedge Funds Weigh In On Rite Aid
A number of hedge funds have recently made changes to their positions in the business. Prelude Capital Management LLC boosted its stake in Rite Aid by 9.6% during the second quarter. Prelude Capital Management LLC now owns 17,522 shares of the company’s stock valued at $118,000 after buying an additional 1,539 shares during the last quarter. Quantamental Technologies LLC raised its position in Rite Aid by 21.4% during the first quarter. Quantamental Technologies LLC now owns 13,641 shares of the company’s stock valued at $119,000 after purchasing an additional 2,405 shares during the period. Rhumbline Advisers raised its position in Rite Aid by 4.0% during the second quarter. Rhumbline Advisers now owns 77,482 shares of the company’s stock valued at $522,000 after purchasing an additional 2,952 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Rite Aid during the second quarter valued at approximately $28,000. Finally, Sei Investments Co. raised its position in Rite Aid by 37.7% during the second quarter. Sei Investments Co. now owns 20,830 shares of the company’s stock valued at $140,000 after purchasing an additional 5,700 shares during the period. Institutional investors own 60.26% of the company’s stock.
Rite Aid Company Profile
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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