Rite Aid (RAD) Debt Trading 1.9% Higher

An issue of Rite Aid Co. (NYSE:RAD) debt rose 1.9% as a percentage of its face value during trading on Thursday. The high-yield issue of debt has a 6.125% coupon and will mature on April 1, 2023. The bonds in the issue are now trading at $93.88 and were trading at $91.25 one week ago. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.

Several analysts recently commented on RAD shares. Deutsche Bank started coverage on Rite Aid in a research report on Monday, December 4th. They issued a “hold” rating and a $2.25 target price on the stock. Evercore ISI started coverage on Rite Aid in a research report on Thursday, January 4th. They issued an “underperform” rating and a $1.50 target price on the stock. Royal Bank of Canada started coverage on Rite Aid in a research report on Tuesday, September 19th. They issued a “sector perform” rating and a $2.50 target price on the stock. Mizuho lowered their target price on Rite Aid from $2.95 to $2.25 and set a “neutral” rating on the stock in a research report on Friday, October 6th. Finally, Guggenheim restated a “neutral” rating and issued a $2.00 target price on shares of Rite Aid in a research report on Monday, October 2nd. Three analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. Rite Aid has an average rating of “Hold” and an average target price of $2.74.

Shares of Rite Aid Co. (NYSE:RAD) traded up $0.05 during mid-day trading on Friday, hitting $2.39. The stock had a trading volume of 58,084,245 shares, compared to its average volume of 29,710,000. Rite Aid Co. has a one year low of $1.38 and a one year high of $8.77. The firm has a market cap of $2,540.00, a PE ratio of 21.73 and a beta of 1.83. The company has a current ratio of 0.86, a quick ratio of 0.59 and a debt-to-equity ratio of 3.66.

Several hedge funds have recently modified their holdings of RAD. FMR LLC increased its position in shares of Rite Aid by 204.0% during the 2nd quarter. FMR LLC now owns 29,123,366 shares of the company’s stock valued at $85,914,000 after purchasing an additional 19,542,772 shares during the period. OxFORD Asset Management LLP acquired a new position in shares of Rite Aid during the 2nd quarter valued at $14,659,000. First Trust Advisors LP acquired a new position in shares of Rite Aid during the 3rd quarter valued at $5,050,000. Dimensional Fund Advisors LP increased its position in shares of Rite Aid by 71.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,745,233 shares of the company’s stock valued at $9,302,000 after purchasing an additional 1,973,023 shares during the period. Finally, GMT Capital Corp acquired a new position in shares of Rite Aid during the 2nd quarter valued at $3,600,000. Institutional investors own 50.72% of the company’s stock.

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About Rite Aid

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.

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