Rite Aid Corp. (RAD) Sees Significant Decrease in Short Interest
Rite Aid Corp. (NYSE:RAD) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 24,135,338 shares, a decline of 9.8% from the August 31st total of 26,771,827 shares. Currently, 2.3% of the company’s stock are short sold. Based on an average trading volume of 17,834,575 shares, the days-to-cover ratio is presently 1.4 days.
Several equities research analysts have commented on RAD shares. Zacks Investment Research raised Rite Aid Corp. from a “sell” rating to a “hold” rating in a report on Wednesday, June 8th. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Rite Aid Corp. in a report on Friday, June 17th. Finally, Vetr raised Rite Aid Corp. from a “buy” rating to a “strong-buy” rating in a report on Friday. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Rite Aid Corp. has a consensus rating of “Hold” and a consensus price target of $9.11.
Several hedge funds and other institutional investors have recently made changes to their positions in RAD. Concorde Asset Management LLC bought a new position in shares of Rite Aid Corp. during the second quarter worth about $102,000. SevenBridge Financial Group LLC bought a new position in shares of Rite Aid Corp. during the second quarter worth about $102,000. Mizuho Asset Management Co. Ltd. bought a new position in shares of Rite Aid Corp. during the second quarter worth about $110,000. Passport Capital LLC bought a new position in shares of Rite Aid Corp. during the second quarter worth about $110,000. Finally, Buckingham Asset Management LLC bought a new position in shares of Rite Aid Corp. during the second quarter worth about $121,000. Institutional investors and hedge funds own 63.13% of the company’s stock.
Rite Aid Corp. (NYSE:RAD) opened at 7.69 on Monday. The firm has a 50-day moving average price of $7.79 and a 200-day moving average price of $7.70. The company has a market cap of $8.03 billion, a P/E ratio of 59.61 and a beta of 1.78. Rite Aid Corp. has a 12-month low of $5.98 and a 12-month high of $8.74.
Rite Aid Corp. (NYSE:RAD) last released its quarterly earnings data on Thursday, September 22nd. The company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. The company had revenue of $8 million for the quarter. Rite Aid Corp. had a return on equity of 32.41% and a net margin of 0.41%. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.02 earnings per share. On average, analysts forecast that Rite Aid Corp. will post $0.14 earnings per share for the current fiscal year.
Rite Aid Corp. Company Profile
Rite Aid Corporation is a retail drugstore chain. The Company’s segments include Retail Pharmacy and Pharmacy Services. The Company operates under The Rite Aid name. It operates approximately 4,560 stores in over 30 states across the country and in the District of Columbia. The Company’s Retail Pharmacy segment consists of Rite Aid stores, RediClinic and Health Dialog.
Receive News & Stock Ratings for Rite Aid Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rite Aid Corp. and related stocks with our FREE daily email newsletter.