Short Interest in Rite Aid Corp. (RAD) Rises By 18.2%
Rite Aid Corp. (NYSE:RAD) was the target of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 32,711,089 shares, a growth of 18.2% from the October 14th total of 27,678,986 shares. Based on an average daily trading volume, of 19,856,225 shares, the days-to-cover ratio is presently 1.6 days. Currently, 3.1% of the shares of the stock are short sold.
Several analysts have recently commented on the company. Zacks Investment Research raised Rite Aid Corp. from a “sell” rating to a “hold” rating in a report on Friday, September 23rd. Vetr raised Rite Aid Corp. from a “buy” rating to a “strong-buy” rating in a report on Friday, September 30th. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $9.01.
Several institutional investors have recently bought and sold shares of RAD. D.A. Davidson & CO. raised its position in Rite Aid Corp. by 78.6% in the third quarter. D.A. Davidson & CO. now owns 15,320 shares of the company’s stock valued at $117,000 after buying an additional 6,744 shares during the period. LPL Financial LLC raised its position in shares of Rite Aid Corp. by 24.9% in the third quarter. LPL Financial LLC now owns 48,975 shares of the company’s stock worth $372,000 after buying an additional 9,750 shares during the period. Cornerstone Capital Management Holdings LLC. raised its position in shares of Rite Aid Corp. by 306.0% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 28,560 shares of the company’s stock worth $219,000 after buying an additional 21,526 shares during the period. Canyon Capital Advisors LLC acquired a new position in shares of Rite Aid Corp. during the third quarter worth about $11,207,000. Finally, Credit Suisse AG raised its position in shares of Rite Aid Corp. by 14.9% in the third quarter. Credit Suisse AG now owns 2,567,458 shares of the company’s stock worth $19,743,000 after buying an additional 333,242 shares during the period. 62.35% of the stock is owned by institutional investors.
Rite Aid Corp. (NYSE:RAD) opened at 7.67 on Friday. Rite Aid Corp. has a 12-month low of $6.33 and a 12-month high of $8.30. The firm has a market capitalization of $8.01 billion, a PE ratio of 59.46 and a beta of 1.89. The stock has a 50 day moving average price of $7.07 and a 200-day moving average price of $7.46.
Rite Aid Corp. (NYSE:RAD) last posted its earnings results on Thursday, September 22nd. The company reported $0.03 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.03. The company earned $8 million during the quarter. Rite Aid Corp. had a return on equity of 32.41% and a net margin of 0.41%. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period last year, the company posted $0.02 earnings per share. On average, equities research analysts forecast that Rite Aid Corp. will post $0.12 EPS for the current year.
About Rite Aid Corp.
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.