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.

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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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