Rite Aid Sees Large Decrease in Short Interest (RAD)
Rite Aid (NYSE:RAD) saw a large drop in short interest in April. As of April 30th, there was short interest totalling 41,474,714 shares, a drop of 10.1% from the April 15th total of 46,121,393 shares, Analyst Ratings Network reports. Approximately 4.3% of the shares of the company are short sold. Based on an average trading volume of 24,429,902 shares, the days-to-cover ratio is currently 1.7 days.
RAD has been the subject of a number of recent research reports. Analysts at Zacks reiterated an “outperform” rating on shares of Rite Aid in a research note on Friday, May 2nd. They now have a $8.50 price target on the stock. Finally, analysts at Deutsche Bank raised their price target on shares of Rite Aid from $7.00 to $9.00 in a research note on Monday, April 14th. They now have a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $7.78.
Shares of Rite Aid (NYSE:RAD) opened at 7.76 on Friday. Rite Aid has a 52 week low of $2.62 and a 52 week high of $8.02. The stock’s 50-day moving average is $7.24 and its 200-day moving average is $6.20. The company has a market cap of $7.537 billion and a P/E ratio of 34.60.
Rite Aid (NYSE:RAD) last announced its earnings results on Thursday, April 10th. The company reported $0.10 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.04 by $0.06. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.54 billion. During the same quarter last year, the company posted $0.13 earnings per share. Rite Aid’s revenue was up 2.2% compared to the same quarter last year. Analysts expect that Rite Aid will post $0.39 EPS for the current fiscal year.
Rite Aid Corporation is a retail drugstore chain in the United States. In the Company’s stores, it sells prescription drugs and a range of other merchandise, which it calls front end products.
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