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Rite Aid Corporation (NYSE: RAD) Slashes -3.08%: Is This A Sign Of Things To Come?

Rite Aid Corporation (NYSE:RAD) shares, rose in value on Wednesday, 05/24/23, with the stock price down by -3.08% to the previous day’s close as strong demand from buyers drove the stock to $1.89.

Actively observing the price movement in the last trading, the stock closed the session at $1.95, falling within a range of $1.86 and $1.955. The value of beta (5-year monthly) was 1.11. Referring to stock’s 52-week performance, its high was $11.60, and the low was $1.78. On the whole, RAD has fluctuated by -14.48% over the past month.

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With the market capitalization of Rite Aid Corporation currently standing at about $110.36 million, investors are eagerly awaiting this quarter’s results, scheduled for Jun 21, 2023 – Jun 26, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$1.46, which is expected to increase to -$1.67 for fiscal year -$4.79 and then to about -$4.2 by fiscal year 2025. Data indicates that the EPS growth is expected to be -50.20% in 2025, while the next year’s EPS growth is forecast to be 12.30%.

Analysts have estimated the company’s revenue for the quarter at $5.32 billion, with a low estimate of $5.23 billion and a high estimate of $5.42 billion. According to the average forecast, sales growth in current quarter could jump down -11.50%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $21.83 billion, representing a decrease of -9.40% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that RAD’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of RAD currently trading nearly -5.29% and -14.74% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 38.33, while the 7-day volatility ratio is showing 4.68% which for the 30-day chart, stands at 5.98%. Furthermore, Rite Aid Corporation (RAD)’s beta value is 1.11, and its average true range (ATR) is 0.13. The company’s stock has been forecasted to trade at an average price of $1.50 over the course of the next 52 weeks, with a low of $1.00 and a high of $2.00. Based on these price targets, the low is 47.09% off current price, whereas the price has to move -5.82% to reach the yearly target high. Additionally, analysts’ median price of $1.50 is likely to be welcomed by investors because it represents an increase of 20.63% from the current levels.

Data on historical trading for Rite Aid Corporation (NYSE:RAD) indicates that the trading volumes over the past 10 days have averaged 1.82 million and over the past 3 months, they’ve averaged 2.47 million. According to company’s latest data on outstanding shares, there are 55.02 million shares outstanding.

Nearly 3.60% of Rite Aid Corporation’s shares belong to company insiders and institutional investors own 52.30% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 14.76 million shares as on Apr 27, 2023, resulting in a short ratio of 6.18. According to the data, the short interest in Rite Aid Corporation (RAD) stood at 26.16% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 13.28 million. The stock has fallen by -43.41% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the RAD stock heading into the next quarter.

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