Rite Aid Sees Significant Growth in Short Interest (RAD)
Rite Aid (NYSE:RAD) was the recipient of a significant growth in short interest during the month of May. As of May 15th, there was short interest totalling 44,412,532 shares, a growth of 7.1% from the April 30th total of 41,474,714 shares, American Banking News reports. Approximately 4.6% of the company’s stock are short sold. Based on an average daily trading volume, of 25,236,951 shares, the short-interest ratio is currently 1.8 days.
A number of research firms have recently commented on RAD. Analysts at S&P Equity Research downgraded shares of Rite Aid to a “sell” rating in a research note on Friday. Separately, analysts at Goldman Sachs reiterated a “buy” rating on shares of Rite Aid in a research note on Thursday. Finally, analysts at Credit Suisse reiterated an “outperform” rating on shares of Rite Aid in a research note on Friday, May 23rd. They now have a $8.50 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $7.75.
Rite Aid (NYSE:RAD) opened at 7.72 on Monday. Rite Aid has a 1-year low of $2.62 and a 1-year high of $8.62. The stock has a 50-day moving average of $7.71 and a 200-day moving average of $6.41. The company has a market cap of $7.499 billion and a P/E ratio of 34.82.
Rite Aid (NYSE:RAD) last announced its earnings results on Thursday, April 10th. The company reported $0.10 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $0.13 earnings per share. The company’s quarterly revenue was up 2.2% on a year-over-year basis. On average, analysts predict that Rite Aid will post $0.35 earnings per share 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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