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Shares of Rite Aid (NYSE:RAD) saw a large drop in short interest in the month of June. As of June 13th, there was short interest totalling 42,122,715 shares, a drop of 5.8% from the May 30th total of 44,739,815 shares, American Banking reports. Based on an average daily trading volume, of 39,351,393 shares, the short-interest ratio is presently 1.1 days. Approximately 4.4% of the company’s stock are sold short.

In other Rite Aid news, EVP Robert Ivan Thompson unloaded 249,583 shares of Rite Aid stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $7.48, for a total value of $1,866,880.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

RAD has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Rite Aid from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 2nd. They now have a $7.50 price target on the stock. Separately, analysts at S&P Equity Research downgraded shares of Rite Aid to a “sell” rating in a research note on Friday, June 6th. Finally, analysts at Goldman Sachs reiterated a “buy” rating on shares of Rite Aid in a research note on Thursday, June 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $7.63.

Rite Aid (NYSE:RAD) opened at 7.48 on Tuesday. Rite Aid has a 52-week low of $2.74 and a 52-week high of $8.62. The stock has a 50-day moving average of $7.59 and a 200-day moving average of $6.67. The company has a market cap of $7.206 billion and a price-to-earnings ratio of 43.26.

Rite Aid (NYSE:RAD) last announced its earnings results on Thursday, June 19th. The company reported $0.04 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.05 by $0.01. The company had revenue of $6.47 billion for the quarter, compared to the consensus estimate of $6.43 billion. During the same quarter last year, the company posted $0.09 earnings per share. Rite Aid’s revenue was up 2.7% compared to the same quarter last year. Analysts expect that Rite Aid will post $0.35 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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