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Rite Aid Corporation (NYSE: RAD) Stock Forecast: An Analysis

In the last trading session, 4.57 million Rite Aid Corporation (NYSE:RAD) shares changed hands as the company’s beta touched 1.15. With the company’s per share price at $0.67 changed hands at -$0.02 or -3.32% during last session, the market valuation stood at $39.19M. RAD’s last price was a discount, traded about -1170.15% off its 52-week high of $8.51. The share price had its 52-week low at $0.59, which suggests the last value was 11.94% up since then. When we look at Rite Aid Corporation’s average trading volume, we note the 10-day average is 3.61 million shares, with the 3-month average coming to 6.57 million.

Analysts gave the Rite Aid Corporation (RAD) stock a consensus recommendation rating of a Sell, calculated at a mean rating of 4.00. If we narrow down to specifics, the data shows that 3 out of 3 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 0 recommended RAD as a Hold, 0 felt it is a Buy and 0 rated the stock as Underweight. Rite Aid Corporation’s EPS for the current quarter is expected to be -$1.34.

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Rite Aid Corporation (NYSE:RAD) trade information

Instantly RAD was in red as seen at the end of in last trading. With action 1.18%, the performance over the past five days has been green. The drop to weekly highs of 0.7798 on Friday, 09/15/23 subtracted -3.32% to the stock’s daily price. The company’s shares are showing year-to-date downside of -80.01%, with the 5-day performance at 1.18% in the green. However, in the 30-day time frame, Rite Aid Corporation (NYSE:RAD) is -61.84% down. Looking at the short shares, we see there were 11.67 million shares sold at short interest cover period of 0.91 days.

The consensus price target for the stock as assigned by Wall Street analysts is $1.00, meaning bulls need an upside of 33.0% from its current market value. According to analyst projections, RAD’s forecast low is $1.00 with $1.00 as the target high. To hit the forecast high, the stock’s price needs a -49.25% plunge from its current level, while the stock would need to soar -49.25% for it to hit the projected low.

Rite Aid Corporation (RAD) estimates and forecasts

Data shows that the Rite Aid Corporation share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -76.32% over the past 6 months, a -48.90% in annual growth rate that is considerably lower than the industry average of -25.70%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Rite Aid Corporation will fall -112.70%, while the growth in revenue is estimated to hit -935.70% for the next quarter. Year-over-year growth is forecast to reach -5.60% down from the last financial year.

Consensus estimates given by 3 financial analysts project the company’s revenue in the current quarter to hit an average of $5.56 billion. 3 analysts are of the opinion that Rite Aid Corporation’s revenue for the quarter ending Nov 2023 will be $5.65 billion. The company’s revenue for the corresponding quarters a year ago was $5.77 billion. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -3.60%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -45.89%. The 2023 estimates are for Rite Aid Corporation earnings to decrease by -37.70%, but the outlook for the next 5-year period is at -3.69% per year.

RAD Dividends

Rite Aid Corporation is expected to release its next quarterly earnings report between September 27 and October 02.

Rite Aid Corporation (NYSE:RAD)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 2.66% of Rite Aid Corporation shares while 49.33% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 50.68%. There are 49.33% institutions holding the Rite Aid Corporation stock share, with Charles Schwab Investment Management, Inc. the top institutional holder. As of Jun 29, 2023, the company held 7.03% of the shares, roughly 3.99 million RAD shares worth $2.66 million.

Vanguard Group Inc holds the second largest percentage of outstanding shares, with 5.11% or 2.9 million shares worth $1.93 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of May 30, 2023 were Schwab Strategic Tr-Schwab Fundamental U.S. Small Company Index ETF and Vanguard Total Stock Market Index Fund. With 2.56 million shares estimated at $1.71 million under it, the former controlled 4.51% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 3.52% of the shares, roughly 2.0 million shares worth around $1.33 million.

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