Verition Fund Management LLC Acquires Shares of 40,651 Rite Aid Corporation (RAD)

Verition Fund Management LLC acquired a new position in Rite Aid Corporation (NYSE:RAD) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 40,651 shares of the company’s stock, valued at approximately $120,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RAD. Advisor Group Inc. lifted its stake in Rite Aid Corporation by 49.8% in the second quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock worth $101,000 after purchasing an additional 12,140 shares during the last quarter. Smithfield Trust Co. lifted its stake in Rite Aid Corporation by 37.8% in the second quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock worth $111,000 after purchasing an additional 10,330 shares during the last quarter. Comerica Bank lifted its stake in Rite Aid Corporation by 9.2% in the second quarter. Comerica Bank now owns 44,460 shares of the company’s stock worth $111,000 after purchasing an additional 3,753 shares during the last quarter. Pinnacle Associates Ltd. lifted its stake in Rite Aid Corporation by 8.1% in the second quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock worth $115,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV lifted its stake in Rite Aid Corporation by 31.1% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 40,000 shares of the company’s stock worth $118,000 after purchasing an additional 9,500 shares during the last quarter. 52.86% of the stock is owned by institutional investors and hedge funds.

Shares of Rite Aid Corporation (NYSE:RAD) opened at 1.57 on Friday. Rite Aid Corporation has a 1-year low of $1.54 and a 1-year high of $8.77. The stock’s 50 day moving average is $2.14 and its 200 day moving average is $2.87. The company has a market cap of $1.65 billion, a P/E ratio of 18.69 and a beta of 1.79.

Rite Aid Corporation (NYSE:RAD) last issued its quarterly earnings data on Thursday, September 28th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). Rite Aid Corporation had a net margin of 0.28% and a negative return on equity of 7.51%. The firm had revenue of $7.68 billion for the quarter, compared to analyst estimates of $7.83 billion. During the same period in the prior year, the business posted $0.03 EPS. The business’s revenue for the quarter was down 4.4% compared to the same quarter last year. On average, analysts predict that Rite Aid Corporation will post ($0.08) earnings per share for the current year.

In other news, Director Myrtle S. Potter sold 28,189 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $2.09, for a total value of $58,915.01. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 2.29% of the company’s stock.

Several analysts have recently weighed in on RAD shares. Zacks Investment Research downgraded shares of Rite Aid Corporation from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 4th. Royal Bank Of Canada started coverage on shares of Rite Aid Corporation in a research note on Tuesday, September 19th. They set a “sector perform” rating and a $2.50 price target for the company. Bank of America Corporation reaffirmed an “underperform” rating and set a $2.00 price target on shares of Rite Aid Corporation in a research note on Friday, June 30th. Mizuho downgraded shares of Rite Aid Corporation from a “buy” rating to a “neutral” rating and set a $2.95 price target for the company. in a research note on Thursday, July 20th. Finally, Loop Capital started coverage on shares of Rite Aid Corporation in a research note on Monday, September 11th. They set a “hold” rating and a $2.50 price target for the company. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Rite Aid Corporation has a consensus rating of “Hold” and a consensus target price of $3.68.

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Rite Aid Corporation Profile

Rite Aid Corporation is a retail drugstore chain. The Company’s segments include Retail Pharmacy and Pharmacy Services. The Company 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 Retail Pharmacy segment consists of Rite Aid stores, RediClinic and Health Dialog.

Institutional Ownership by Quarter for Rite Aid Corporation (NYSE:RAD)

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