The stock of Rite Aid Corporation (NYSE:RAD) hit a new 52-week low and has $6.00 target or 8.00% below today’s $6.52 share price. The 6 months bearish chart indicates high risk for the $6.86 billion company. The 1-year low was reported on Nov, 8 by Barchart.com. If the $6.00 price target is reached, the company will be worth $548.80M 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 3.44 million shares traded hands. Rite Aid Corporation (NYSE:RAD) has declined 20.76% since April 5, 2016 and is downtrending. It has underperformed by 22.72% 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. Vetr upgraded Rite Aid Corporation (NYSE:RAD) on Friday, August 14 to “Buy” rating. Vetr upgraded the stock to “Buy” rating in Wednesday, August 19 report. As per Thursday, August 13, the company rating was initiated by Bank of America. On Thursday, August 6 the stock rating was downgraded by Vetr to “Buy”. Mizuho maintained the shares of RAD in a report on Thursday, September 17 with “Buy” rating. The stock of Rite Aid Corporation (NYSE:RAD) has “Hold” rating given on Friday, April 8 by Deutsche Bank. The firm earned “Neutral” rating on Friday, November 13 by JP Morgan. Credit Suisse downgraded the shares of RAD in a report on Thursday, October 29 to “Neutral” rating. Evercore downgraded the shares of RAD in a report on Wednesday, January 6 to “Hold” rating. As per Thursday, October 29, the company rating was downgraded by Goldman Sachs.
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 dropped, 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.
Pnc Fin Svcs Group Inc last reported 82,885 shares in the company. Sii Wi accumulated 0.14% or 232,040 shares. Westpac accumulated 0% or 151,525 shares. Whittier Tru Com last reported 0% of its portfolio in the stock. Mark Sheptoff Fincl Planning Ltd Liability Co last reported 311,455 shares in the company. Yakira Cap Management Inc holds 512,772 shares or 1.45% of its portfolio. Hsbc Holdings Public Limited Company, a United Kingdom-based fund reported 1.39 million shares. State Street Corporation holds 0.01% of its portfolio in Rite Aid Corporation (NYSE:RAD) for 17.94 million shares. Cqs Cayman Limited Partnership accumulated 0.18% or 265,000 shares. The New York-based P Schoenfeld Asset Management Limited Partnership has invested 0.48% in Rite Aid Corporation (NYSE:RAD). Valley Advisers, a Pennsylvania-based fund reported 50 shares. Carroll Fincl Inc, a North Carolina-based fund reported 5,065 shares. West Oak Capital Limited Liability Corp has invested 0% of its portfolio in Rite Aid Corporation (NYSE:RAD). Barclays Public Limited holds 0% of its portfolio in Rite Aid Corporation (NYSE:RAD) for 251,642 shares. Benjamin F Edwards & 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. $265,161 worth of Rite Aid Corporation (NYSE:RAD) was sold by Donley Douglas E.
Another recent and important Rite Aid Corporation (NYSE:RAD) news was published by Investorplace.com which published an article titled: “Why Intel Corporation (INTC), Rite Aid Corporation (RAD) and Abbott …” on October 19, 2016.
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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