Why Rite Aid Stock Is Trading Lower Today

Rite Aid Corp (NYSE: RAD) is trading significantly lower Thursday morning after the company announced worse-than-expected financial results.

What Happened: Rite Aid reported quarterly earnings of 38 cents per share, which beat the estimate of 22 cents per share. The company reported quarterly revenue of $6.16 billion, which came in below the estimate of $6.21 billion. 

Rite Aid administered approximately 4.7 million COVID-19 vaccines in the first quarter. 

“We are pleased with our first quarter results, as we delivered adjusted EBITDA at the top end of our guidance range and continued our extraordinary efforts to vaccinate Americans against COVID-19,” said Heyward Donigan, president and CEO of Rite Aid.

Related Link: Recap: Rite Aid Q1 Earnings

RAD Price Action: Rite Aid has traded as high as $32.48 and as low as $8.85 over a 52-week period.

At last check Thursday, the stock was down 12.19% premarket at $17.93.

Photo: Mike Mozart from Flickr.