Rite Aid Sees Significant Increase in Short Interest (RAD)
Shares of Rite Aid (NYSE:RAD) were the target of a significant increase in short interest in August. As of August 15th, there was short interest totalling 38,718,163 shares, an increase of 28.3% from the July 31st total of 30,166,576 shares, StockRatingsNetwork reports. Currently, 4.0% of the company’s shares are short sold. Based on an average daily volume of 24,308,641 shares, the days-to-cover ratio is currently 1.6 days.
Separately, analysts at Jefferies Group cut their price target on shares of Rite Aid from $7.50 to $6.50 in a research note on Friday, August 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $7.50.
Rite Aid (NYSE:RAD) opened at 6.15 on Friday. Rite Aid has a 52 week low of $3.49 and a 52 week high of $8.62. The stock’s 50-day moving average is $6.52 and its 200-day moving average is $6.99. The company has a market cap of $5.924 billion and a price-to-earnings ratio of 35.95.
Rite Aid (NYSE:RAD) last announced its earnings results on Thursday, June 19th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the 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 in the previous year, the company posted $0.09 earnings per share. The company’s revenue for the quarter was up 2.7% 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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