Rite Aid Corporation (RAD) Short Interest Up 31.7% in October
Rite Aid Corporation (NYSE:RAD) was the target of a large growth in short interest in the month of October. As of October 13th, there was short interest totalling 183,965,577 shares, a growth of 31.7% from the September 29th total of 139,716,299 shares. Currently, 17.6% of the company’s shares are sold short. Based on an average daily volume of 30,755,760 shares, the days-to-cover ratio is currently 6.0 days.
A number of equities analysts recently weighed in on RAD shares. Mizuho set a $2.00 price target on Rite Aid Corporation and gave the company a “hold” rating in a research report on Saturday, October 7th. Zacks Investment Research upgraded Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Cowen and Company reiterated an “outperform” rating and issued a $4.70 price target on shares of Rite Aid Corporation in a research report on Monday, July 3rd. Guggenheim reiterated a “neutral” rating on shares of Rite Aid Corporation in a research report on Monday, July 3rd. Finally, Loop Capital started coverage on Rite Aid Corporation in a research report on Monday, September 11th. They issued a “hold” rating and a $2.50 price target for the company. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $3.68.
In related news, Director Myrtle S. Potter sold 28,189 shares of the stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $2.09, for a total value of $58,915.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.29% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Rite Aid Corporation by 4.2% during the first quarter. Vanguard Group Inc. now owns 84,435,016 shares of the company’s stock worth $358,848,000 after buying an additional 3,420,318 shares during the period. Atlas Brown Inc. raised its holdings in Rite Aid Corporation by 43.1% during the second quarter. Atlas Brown Inc. now owns 103,000 shares of the company’s stock worth $304,000 after acquiring an additional 31,000 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Rite Aid Corporation by 100.4% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,412,603 shares of the company’s stock worth $15,967,000 after acquiring an additional 2,711,300 shares in the last quarter. California Public Employees Retirement System raised its holdings in Rite Aid Corporation by 7.7% during the second quarter. California Public Employees Retirement System now owns 2,402,933 shares of the company’s stock worth $7,089,000 after acquiring an additional 171,800 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC raised its holdings in Rite Aid Corporation by 1.4% during the second quarter. Mark Sheptoff Financial Planning LLC now owns 314,155 shares of the company’s stock worth $927,000 after acquiring an additional 4,199 shares in the last quarter. 52.86% of the stock is owned by institutional investors.
Shares of Rite Aid Corporation (NYSE:RAD) opened at 1.57 on Friday. Rite Aid Corporation has a 1-year low of $1.54 and a 1-year high of $8.77. The stock’s 50 day moving average price is $2.09 and its 200-day moving average price is $2.84. The stock has a market capitalization of $1.65 billion, a P/E ratio of 18.69 and a beta of 1.79.
Rite Aid Corporation (NYSE:RAD) last posted its quarterly earnings data on Thursday, September 28th. The company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $7.68 billion during the quarter, compared to analysts’ expectations of $7.83 billion. Rite Aid Corporation had a negative return on equity of 7.51% and a net margin of 0.28%. Rite Aid Corporation’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.03 earnings per share. Equities research analysts anticipate that Rite Aid Corporation will post ($0.08) EPS for the current fiscal year.
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About Rite Aid Corporation
Rite Aid Corporation is a retail drugstore chain. The Company’s segments include Retail Pharmacy and Pharmacy Services. The Company operates under The Rite Aid name. It operates approximately 4,560 stores in over 30 states across the country and in the District of Columbia. The Company’s Retail Pharmacy segment consists of Rite Aid stores, RediClinic and Health Dialog.
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