Rite Aid Co. (NYSE:RAD) saw a large decline in short interest in the month of January. As of January 31st, there was short interest totalling 143,458,714 shares, a decline of 8.8% from the January 12th total of 157,377,704 shares. Currently, 13.6% of the company’s shares are short sold. Based on an average daily volume of 19,487,817 shares, the days-to-cover ratio is presently 7.4 days.
RAD has been the topic of a number of recent analyst reports. Royal Bank of Canada set a $2.00 price objective on Rite Aid and gave the company a “hold” rating in a research note on Wednesday, October 25th. Zacks Investment Research raised Rite Aid from a “sell” rating to a “hold” rating in a research note on Friday, November 17th. Deutsche Bank initiated coverage on Rite Aid in a research note on Monday, December 4th. They issued a “hold” rating and a $2.25 price objective on the stock. Evercore ISI initiated coverage on Rite Aid in a research note on Thursday, January 4th. They issued an “underperform” rating and a $1.50 price objective on the stock. Finally, Vetr downgraded Rite Aid from a “strong-buy” rating to a “buy” rating and set a $2.47 price objective on the stock. in a research note on Thursday, January 11th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Rite Aid currently has an average rating of “Hold” and an average price target of $2.75.
Rite Aid (RAD) opened at $2.00 on Tuesday. Rite Aid has a 52 week low of $1.38 and a 52 week high of $6.15. The company has a debt-to-equity ratio of 3.66, a quick ratio of 0.59 and a current ratio of 0.86. The firm has a market capitalization of $2,140.00, a P/E ratio of 18.18 and a beta of 1.76.
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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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