Rite Aid Co. (NYSE:RAD) saw a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 123,723,066 shares, a decrease of 12.2% from the October 31st total of 140,891,676 shares. Currently, 11.7% of the company’s stock are sold short. Based on an average trading volume of 10,585,359 shares, the short-interest ratio is presently 11.7 days.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. HRT Financial LLC acquired a new stake in shares of Rite Aid in the second quarter worth $105,000. Gamco Investors INC. ET AL increased its stake in shares of Rite Aid by 48.1% in the third quarter. Gamco Investors INC. ET AL now owns 1,736,839 shares of the company’s stock worth $2,223,000 after acquiring an additional 563,800 shares during the period. Northern Trust Corp increased its stake in shares of Rite Aid by 124.0% in the second quarter. Northern Trust Corp now owns 12,115,100 shares of the company’s stock worth $20,959,000 after acquiring an additional 6,706,701 shares during the period. Private Management Group Inc. acquired a new stake in shares of Rite Aid in the second quarter worth $11,435,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Rite Aid in the second quarter worth $105,000. 54.19% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently commented on RAD shares. Mizuho reissued a “hold” rating and set a $2.00 target price on shares of Rite Aid in a research report on Thursday, August 9th. TheStreet cut shares of Rite Aid from a “c-” rating to a “d” rating in a report on Wednesday, August 8th. Cowen cut shares of Rite Aid from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $2.35 to $6.00 in a report on Monday, August 13th. Zacks Investment Research cut shares of Rite Aid from a “hold” rating to a “sell” rating in a report on Friday, August 17th. Finally, Goldman Sachs Group started coverage on shares of Rite Aid in a report on Thursday, September 6th. They issued a “sell” rating and a $1.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $2.06.
NYSE RAD opened at $1.11 on Monday. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -55.50 and a beta of 1.48. Rite Aid has a 12-month low of $0.98 and a 12-month high of $2.55. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.62 and a quick ratio of 0.94.
Rite Aid (NYSE:RAD) last posted its quarterly earnings results on Thursday, September 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.01). The business had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.36 billion. Rite Aid had a net margin of 3.26% and a negative return on equity of 1.97%. The business’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.01) earnings per share.
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Rite Aid Company Profile
Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. It operates through two segments, Retail Pharmacy and Pharmacy Services. The Retail Pharmacy segment sells prescription drugs and a range of other merchandise, including over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other every day and convenience products.
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