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Why Rite Aid Stock Is Plunging Today

TheMotleyFool

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Shares of Rite Aid (NYSE: RAD) were plunging 14.3% lower as of 11:22 a.m. EDT on Thursday. The steep decline came after the pharmacy retailer reported its fiscal 2022 first-quarter results before the market opened.

As you might expect after today's sell-off of the healthcare stock, investors weren't happy with Rite Aid's first-quarter results. The company reported revenue of $6.16 billion, below the consensus estimate of $6.21 billion. However, Rite Aid's adjusted earnings of $0.38 per share easily beat the average analysts' estimate of $0.22 per share.

Image source: Getty Images.

Source Fool.com

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