Rite Aid Co. (RAD) Short Interest Down 7.5% in November

Rite Aid Co. (NYSE:RAD) saw a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 166,036,981 shares, a decrease of 7.5% from the November 15th total of 179,559,792 shares. Approximately 15.8% of the company’s shares are short sold. Based on an average daily volume of 35,370,246 shares, the days-to-cover ratio is currently 4.7 days.

In other 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 filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.29% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geneva Advisors LLC grew its holdings in shares of Rite Aid by 6.5% in the 2nd quarter. Geneva Advisors LLC now owns 43,000 shares of the company’s stock valued at $127,000 after acquiring an additional 2,616 shares in the last quarter. Pinnacle Associates Ltd. grew its holdings in shares of Rite Aid by 8.1% in the 2nd quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock valued at $115,000 after acquiring an additional 2,900 shares in the last quarter. Comerica Bank grew its holdings in shares of Rite Aid by 9.2% in the 2nd quarter. Comerica Bank now owns 44,460 shares of the company’s stock valued at $111,000 after acquiring an additional 3,753 shares in the last quarter. Mark Sheptoff Financial Planning LLC grew its holdings in shares of Rite Aid by 1.4% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 314,155 shares of the company’s stock valued at $927,000 after acquiring an additional 4,199 shares in the last quarter. Finally, Utah Retirement Systems grew its holdings in shares of Rite Aid by 2.6% in the 2nd quarter. Utah Retirement Systems now owns 192,500 shares of the company’s stock valued at $568,000 after acquiring an additional 4,800 shares in the last quarter. Institutional investors own 50.81% of the company’s stock.

Rite Aid (NYSE RAD) opened at $1.85 on Monday. The company has a debt-to-equity ratio of 9.71, a current ratio of 1.74 and a quick ratio of 0.77. Rite Aid has a 1-year low of $1.38 and a 1-year high of $8.77.

Rite Aid (NYSE:RAD) last released its earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.01). The firm had revenue of $7.68 billion during the quarter, compared to analysts’ expectations of $7.83 billion. Rite Aid had a negative return on equity of 7.51% and a net margin of 0.28%. The company’s revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS. sell-side analysts predict that Rite Aid will post -0.1 earnings per share for the current fiscal year.

A number of analysts recently commented on the stock. Loop Capital restated a “hold” rating and issued a $2.00 price objective (down previously from $2.50) on shares of Rite Aid in a research report on Friday, September 29th. Guggenheim restated a “neutral” rating and issued a $2.00 price objective on shares of Rite Aid in a research report on Monday, October 2nd. Mizuho lowered their price objective on shares of Rite Aid from $2.95 to $2.25 and set a “neutral” rating for the company in a research report on Friday, October 6th. Royal Bank of Canada assumed coverage on shares of Rite Aid in a research report on Tuesday, September 19th. They issued a “sector perform” rating and a $2.50 price objective for the company. Finally, Deutsche Bank initiated coverage on shares of Rite Aid in a research report on Monday, December 4th. They issued a “hold” rating and a $2.25 price objective for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $3.25.

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About Rite Aid

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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