The stock of Rite Aid Corporation (NYSE:RAD) hit a new 52-week low and has $5.99 target or 8.00% below today’s $6.51 share price. The 7 months bearish chart indicates high risk for the $6.93B company. The 1-year low was reported on Nov, 1 by Barchart.com. If the $5.99 price target is reached, the company will be worth $554.40M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 10.72M shares traded hands. Rite Aid Corporation (NYSE:RAD) has declined 17.26% since March 30, 2016 and is downtrending. It has underperformed by 20.28% the S&P500.
Rite Aid Corporation (NYSE:RAD) Ratings Coverage
Out of 10 analysts covering Rite Aid (NYSE:RAD), 4 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 40% are positive. Rite Aid has been the topic of 13 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The stock of Rite Aid Corporation (NYSE:RAD) has “Buy” rating given on Friday, August 14 by Vetr. Mizuho maintained Rite Aid Corporation (NYSE:RAD) on Thursday, September 17 with “Buy” rating. The stock of Rite Aid Corporation (NYSE:RAD) earned “Neutral” rating by Goldman Sachs on Thursday, October 29. The stock has “Buy” rating given by Bank of America on Thursday, August 13. The stock has “Neutral” rating given by Credit Suisse on Thursday, October 29. The firm has “Hold” rating by Deutsche Bank given on Friday, April 8. The firm has “Buy” rating given on Thursday, August 6 by Vetr. Vetr upgraded the shares of RAD in a report on Wednesday, August 19 to “Buy” rating. JP Morgan downgraded the shares of RAD in a report on Friday, November 13 to “Neutral” rating. The company was downgraded on Wednesday, January 6 by Evercore.
According to Zacks Investment Research, “Rite Aid Corporation is a retail drugstore chain in the United States serving customers in numerous states across the country and in the District of Columbia. It operates stores in the majority of the major U.S. metropolitan markets. The company operates in two business segments: the retail drug segment and the pharmacy benefit management segment.”
Insitutional Activity: The institutional sentiment decreased to 0.88 in Q2 2016. Its down 0.29, from 1.17 in 2016Q1. The ratio dived, as 47 funds sold all Rite Aid Corporation shares owned while 142 reduced positions. 49 funds bought stakes while 117 increased positions. They now own 632.53 million shares or 0.00% more from 632.50 million shares in 2016Q1.
Fny Managed Accounts Ltd Liability Co last reported 0% of its portfolio in the stock. Lombard Odier Asset (Usa) accumulated 100,000 shares or 0.09% of the stock. Bluecrest Mngmt Ltd last reported 0.07% of its portfolio in the stock. Blackrock Gru Limited accumulated 0.02% or 4.02M shares. Moreover, Parametric Limited Liability has 0.02% invested in Rite Aid Corporation (NYSE:RAD) for 1.71 million shares. Pennsylvania Co has 10,000 shares for 0.01% of their US portfolio. Concert Wealth, a California-based fund reported 82,945 shares. The California-based Cap Ww has invested 0.03% in Rite Aid Corporation (NYSE:RAD). Principal Grp Inc Incorporated owns 2.39 million shares or 0.02% of their US portfolio. The Australia-based Amp Limited has invested 0.03% in Rite Aid Corporation (NYSE:RAD). Schmidt P J Inv Mngmt owns 57,010 shares or 0.16% of their US portfolio. Moreover, Cowen Grp Inc has 2.36% invested in Rite Aid Corporation (NYSE:RAD) for 4.65 million shares. Sii Investments Wi has 232,040 shares for 0.14% of their US portfolio. First Allied Advisory Service last reported 0.01% of its portfolio in the stock. Glob X Mngmt Limited Liability has invested 0% of its portfolio in Rite Aid Corporation (NYSE:RAD).
Insider Transactions: Since June 15, 2016, the stock had 0 buys, and 1 insider sale for $265,161 net activity. Donley Douglas E had sold 34,106 shares worth $265,161 on Wednesday, June 15.
More news for Rite Aid Corporation (NYSE:RAD) were recently published by: Businesswire.com, which released: “Rite Aid Foundation Spreads Hope, Not the Flu with $1.8 Million Donation to …” on October 26, 2016. Investorplace.com‘s article titled: “Why Intel Corporation (INTC), Rite Aid Corporation (RAD) and Abbott …” and published on October 19, 2016 is yet another important article.
RAD Company Profile
Rite Aid Corporation, incorporated on April 15, 1968, is a retail drugstore chain. The Company’s divisions include Retail Pharmacy and Pharmacy Services. The Firm 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 subsidiaries include Envision Insurance Company (EIC), RediClinic and Health Dialog.
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