Rite Aid Co. (RAD) Sees Large Decrease in Short Interest

Rite Aid Co. (NYSE:RAD) was the target of a large decline in short interest in November. As of November 15th, there was short interest totalling 123,723,066 shares, a decline of 12.2% from the October 31st total of 140,891,676 shares. Based on an average trading volume of 10,585,359 shares, the days-to-cover ratio is currently 11.7 days. Currently, 11.7% of the company’s stock are sold short.

A number of hedge funds have recently modified their holdings of RAD. HRT Financial LLC acquired a new stake in shares of Rite Aid in the 2nd quarter valued at about $105,000. GSA Capital Partners LLP acquired a new stake in shares of Rite Aid in the 2nd quarter valued at about $105,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Rite Aid in the 2nd quarter valued at about $108,000. Cohen Capital Management Inc. raised its stake in shares of Rite Aid by 91.7% in the 3rd quarter. Cohen Capital Management Inc. now owns 86,955 shares of the company’s stock valued at $111,000 after purchasing an additional 41,588 shares in the last quarter. Finally, HighPoint Advisor Group LLC acquired a new stake in shares of Rite Aid in the 2nd quarter valued at about $112,000. Hedge funds and other institutional investors own 50.12% of the company’s stock.

Shares of RAD stock opened at $1.04 on Wednesday. Rite Aid has a 12 month low of $0.98 and a 12 month high of $2.55. The company has a current ratio of 1.62, a quick ratio of 0.94 and a debt-to-equity ratio of 2.41. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -52.00 and a beta of 1.43.

Rite Aid (NYSE:RAD) last issued its quarterly earnings data on Thursday, September 27th. The company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). Rite Aid had a net margin of 3.26% and a negative return on equity of 1.97%. The firm had revenue of $5.42 billion for the quarter, compared to analyst estimates of $5.36 billion. During the same quarter in the previous year, the business posted ($0.01) EPS. The firm’s revenue was up 1.4% compared to the same quarter last year.

Several research firms recently weighed in on RAD. Goldman Sachs Group started coverage on shares of Rite Aid in a report on Thursday, September 6th. They set a “sell” rating and a $1.00 target price on the stock. TheStreet lowered shares of Rite Aid from a “c-” rating to a “d” rating in a report on Wednesday, August 8th. Zacks Investment Research lowered shares of Rite Aid from a “hold” rating to a “sell” rating in a report on Friday, August 17th. Cowen lowered shares of Rite Aid from an “outperform” rating to a “market perform” rating and boosted their price objective for the stock from $2.35 to $6.00 in a report on Monday, August 13th. Finally, Loop Capital set a $1.00 price objective on shares of Rite Aid and gave the stock a “hold” rating in a report on Friday, September 28th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a strong buy rating to the stock. Rite Aid currently has an average rating of “Hold” and a consensus price target of $2.04.

COPYRIGHT VIOLATION NOTICE: This news story was originally published by Community Financial News and is owned by of Community Financial News. If you are accessing this news story on another domain, it was illegally stolen and republished in violation of US & international trademark & copyright legislation. The correct version of this news story can be accessed at https://www.com-unik.info/2018/12/05/rite-aid-co-rad-sees-large-decrease-in-short-interest.html.

Rite Aid Company Profile

Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. It operates through two segments, Retail Pharmacy and Pharmacy Services. The Retail Pharmacy segment sells prescription drugs and a range of other merchandise, including over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other every day and convenience products.

Further Reading: How does inflation affect different investments?

Receive News & Ratings for Rite Aid Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rite Aid and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply

share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit