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.
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.
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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.
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