Rite Aid (NYSE:RAD – Get Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. 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 stock opened at $6.65 on Thursday. The company has a debt-to-equity ratio of 27.75, a current ratio of 1.26 and a quick ratio of 0.56. The company has a 50 day moving average price of $6.30 and a 200 day moving average price of $8.64. Rite Aid has a fifty-two week low of $4.68 and a fifty-two week high of $19.22. The stock has a market capitalization of $370.07 million, a PE ratio of -0.57 and a beta of 0.90.
Rite Aid (NYSE:RAD – Get Rating) last issued its earnings results on Thursday, June 23rd. The company reported ($0.60) EPS for the quarter, beating the consensus estimate of ($0.70) by $0.10. Rite Aid had a negative net margin of 2.60% and a negative return on equity of 50.63%. The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.73 billion. As a group, equities analysts expect that Rite Aid will post -0.91 earnings per share for the current fiscal year.
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A number of equities analysts recently weighed in on the stock. StockNews.com raised shares of Rite Aid from a sell rating to a hold rating in a research note on Wednesday, July 6th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Rite Aid from $2.00 to $4.00 in a research note on Friday, June 3rd.
Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Rite Aid by 6.2% during the first quarter. Vanguard Group Inc. now owns 5,621,500 shares of the company’s stock worth $49,187,000 after purchasing an additional 329,843 shares during the period. BlackRock Inc. boosted its position in shares of Rite Aid by 5.5% during the 1st quarter. BlackRock Inc. now owns 4,918,018 shares of the company’s stock worth $43,034,000 after acquiring an additional 257,634 shares in the last quarter. Invesco Ltd. boosted its position in shares of Rite Aid by 2.6% during the 1st quarter. Invesco Ltd. now owns 2,796,830 shares of the company’s stock worth $24,472,000 after acquiring an additional 70,004 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Rite Aid by 72.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,750,144 shares of the company’s stock worth $15,315,000 after acquiring an additional 733,923 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Rite Aid by 37.3% during the 1st quarter. JPMorgan Chase & Co. now owns 1,077,577 shares of the company’s stock worth $9,428,000 after acquiring an additional 292,522 shares in the last quarter. 65.68% of the stock is currently owned by institutional investors.
About Rite Aid (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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