Invesco Advisers, Inc. recently announced the acquisition of new stake in Rite Aid Corporation (NYSE:RAD). The institutional investor has increased its shareholding in the Healthcare company by 0.85% to 2.52 million shares with purchase of 21200.0 shares. This fresh investment now brings its stake to 4.61% valued currently at $38.22 million. In addition, D. E. Shaw & Co. LP raised its holdings by 1.66 million to 1.95 million shares.
With over 2.77 million Rite Aid Corporation (RAD) shares trading Tuesday and a closing price of $12.95 on the day, the dollar volume was approximately $35.88 million. The shares have shown a negative weekly performance of -5.34% and its price on 09/01/20 lost nearly -0.54%. Currently, there are 53.46M common shares owned by the public and among those 52.92M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for RAD have a consensus price objective of $11.88. The analysts have set the share’s price value over the next 12 months at a high of $18.00 and a low of $6.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Rite Aid Corporation stock is 3.40 for the next 12 months. The average price target is -27.34% below its last price level and a downside to the estimated low will see the stock lose -115.83% over that period. But an upside of 28.06% will see the stock hit the forecast high price target while mean target price for the stock is $11.75.
Insiders at the company have transacted a total of 34 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 20 of these insider trades were purchases, accounting for 595,197 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 67,049 shares.
The top 3 mutual fund holders in Rite Aid Corporation are Invesco Oppenheimer Global Opport, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. Invesco Oppenheimer Global Opport owns 2.5 million shares of the company’s stock, all valued at over $37.9 million. Vanguard Total Stock Market Index sold 1230.0 shares to see its total holdings shrink to 1.49 million shares valued at over $22.63 million and representing 2.73% of the shares outstanding. Vanguard Small Cap Index Fund sold 8120.0 shares to bring its total holdings to over 1.36 million shares at a value of $20.6 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.49% of the shares outstanding.
Shares of Rite Aid Corporation (NYSE: RAD) opened at $13.05, up $0.03 from a prior closing price of $13.02. However, the script later closed the day at $12.95, down -0.54%. The company’s stock has a 5-day price change of -5.34% and -2.70% over the past three months. RAD shares are trading -16.29% year to date (YTD), with the 12-month market performance up to 102.34% higher. It has a 12-month low price of $6.09 and touched a high of $23.88 over the same period. Currently, 2.77 million shares have been traded, compared to an average intraday trading volume of 3.42 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -10.51%, -15.37%, and -4.62% respectively.
Institutional ownership of Rite Aid Corporation (NYSE: RAD) shares accounts for 60.80% of the company’s 53.46M shares outstanding. Mutual fund holders own 3.31%, while other institutional holders and individual stakeholders account for 32.60% and 28.41% respectively.
It has a market capitalization of $718.08M and a beta (3y monthly) value of 0.80. The earnings-per-share (ttm) stands at -$8.30. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.05% over the week and 4.22% over the month.
Analysts forecast that Rite Aid Corporation (RAD) will achieve an EPS of $0 for the current quarter, $0.3 for the next quarter and $0.8 for 2022. The lowest estimate earnings-per-share for the quarter is -$0.44 while analysts give the company a high EPS estimate of $0.21. Comparatively, EPS for the current quarter was $0.12 a year ago. Earnings per share for the fiscal year are expected to increase by 30.10%, and 112.43% over the next financial year. EPS should grow at an annualized rate of -3.69% over the next five years, compared to -17.20% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Rite Aid Corporation (RAD) as a “Hold” at a consensus score of 3.40. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 3 of the 5 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the RAD, a number of firms have released research notes about the stock. Deutsche Bank stated their Hold rating for the stock in a research note on April 17, 2020, with the firm’s price target at $12. Guggenheim coverage for the Rite Aid Corporation (RAD) stock in a research note released on February 27, 2020 offered a Neutral rating with a price target of. Deutsche Bank was of a view on September 12, 2019 that the stock is Sell, while Guggenheim gave the stock Sell rating on April 18, 2019, issuing a price target of. Goldman on their part issued Sell rating on September 06, 2018.