Rite Aid $RAD Stock Up 16% On EBITDA Forecast

  • Post category:Stock Trading
  • Reading time:3 mins read
Get Email Alerts and Follow Us:

RAD stock rose more than 16% in early trading on December 21, 2021, after the company said on its conference call that it sees FY23 adjusted EBITDA “significantly” above the $430M consensus.

Rite Aid Corporation Reports Fiscal 2022 Third Quarter Results

On December 21, 2021, Rite Aid Corporation (NYSE: RAD) reported operating results for its third fiscal quarter ended November 27, 2021. Rite Aid reported Q3 adjusted EPS of 15c versus one estimate of (32c). The company reported Q3 revenue of $6.23B versus the consensus estimate of $6.32B.

“We delivered a solid quarter as we grew Adjusted EBITDA by 12.7 percent versus last year,” said Heyward Donigan, president and chief executive officer, Rite Aid. “Despite challenges in the labor market, our pharmacists and store teams were able to meet the unprecedented volumes for COVID and flu immunizations, COVID testing and other clinical services, which clearly demonstrates our Lean work to free up capacity is paying off.”

📺 VIDEO Grocery Stores That Might Not Survive 2022

Mashed published the video below and writes, “2021 was obviously a difficult year for many businesses, and grocery stores were no exception. Since the beginning of the COVID-19 pandemic, consumers have changed their shopping habits, swapping in-store trips for convenient and safe online ordering… Here are the stores that may not survive 2022.”

📉 RAD Stock Technical Analysis

Rad Stock

The short-term trend is negative, as is the long-term trend. There should be more interesting stocks out there. Volume is considerably higher in the last couple of days. RAD is one of the lesser performing stocks in the Food & Staples Retailing industry. 79% of 47 stocks in the same industry do better. RAD is currently trading in the lower part of its 52-week range. The S&P500 Index however is trading in the upper part of its 52-week range, so RAD is lagging the market. There is a support zone ranging from 13.26 to 13.41. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames. The technical rating of RAD is bad and it also does not present a quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when RAD stock is a good entry.

Get Email Alerts and Follow Us: