Rite Aid (NYSE:RAD) Coverage Initiated at StockNews.com

Equities research analysts at StockNews.com started coverage on shares of Rite Aid (NYSE:RAD) in a report issued on Monday. The firm set a “sell” rating on the stock.

Rite Aid Price Performance

NYSE:RAD opened at $0.61 on Monday. Rite Aid has a one year low of $0.38 and a one year high of $7.37. The business has a fifty day moving average price of $0.80 and a 200-day moving average price of $1.55. The firm has a market capitalization of $34.71 million, a price-to-earnings ratio of -0.04 and a beta of 1.25.

Institutional Investors Weigh In On Rite Aid

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new position in shares of Rite Aid in the second quarter worth approximately $28,000. Raymond James & Associates bought a new position in Rite Aid in the 1st quarter worth $100,000. Squarepoint Ops LLC purchased a new stake in Rite Aid in the 4th quarter worth $45,000. Quantamental Technologies LLC raised its holdings in Rite Aid by 21.4% during the first quarter. Quantamental Technologies LLC now owns 13,641 shares of the company’s stock valued at $119,000 after acquiring an additional 2,405 shares during the period. Finally, Sei Investments Co. purchased a new position in shares of Rite Aid in the first quarter valued at about $132,000. 34.47% of the stock is owned by hedge funds and other institutional investors.

About Rite Aid

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 seasonal 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.