Rite Aid Corporation (RAD) Short Interest Up 12.5% in September
Rite Aid Corporation (NYSE:RAD) was the target of a significant growth in short interest during the month of September. As of September 29th, there was short interest totalling 139,716,299 shares, a growth of 12.5% from the September 15th total of 124,183,046 shares. Based on an average daily trading volume, of 46,218,677 shares, the days-to-cover ratio is presently 3.0 days. Currently, 13.4% of the shares of the stock are sold short.
In related news, Director Myrtle S. Potter sold 28,189 shares of Rite Aid Corporation stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.29% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Geneva Advisors LLC increased its stake in shares of Rite Aid Corporation by 6.5% in the second quarter. Geneva Advisors LLC now owns 43,000 shares of the company’s stock valued at $127,000 after buying an additional 2,616 shares during the period. Pinnacle Associates Ltd. increased its stake in shares of Rite Aid Corporation by 8.1% in the second quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock valued at $115,000 after buying an additional 2,900 shares during the period. Comerica Bank increased its stake in shares of Rite Aid Corporation by 9.2% in the second quarter. Comerica Bank now owns 44,460 shares of the company’s stock valued at $111,000 after buying an additional 3,753 shares during the period. Mark Sheptoff Financial Planning LLC increased its stake in shares of Rite Aid Corporation by 1.4% in the second quarter. Mark Sheptoff Financial Planning LLC now owns 314,155 shares of the company’s stock valued at $927,000 after buying an additional 4,199 shares during the period. Finally, Utah Retirement Systems increased its stake in shares of Rite Aid Corporation by 2.6% in the second quarter. Utah Retirement Systems now owns 192,500 shares of the company’s stock valued at $568,000 after buying an additional 4,800 shares during the period. 52.64% of the stock is owned by institutional investors.
Shares of Rite Aid Corporation (NYSE:RAD) opened at 1.81 on Wednesday. The company has a 50-day moving average price of $2.26 and a 200-day moving average price of $3.01. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of 21.55 and a beta of 1.79. Rite Aid Corporation has a 12 month low of $1.63 and a 12 month high of $8.77.
Rite Aid Corporation (NYSE:RAD) last issued its quarterly earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share for the quarter, meeting 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%. The business’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share. Equities analysts forecast that Rite Aid Corporation will post ($0.08) EPS for the current fiscal year.
A number of research analysts recently issued reports on the company. Mizuho set a $2.00 price target on Rite Aid Corporation and gave the company a “hold” rating in a report on Saturday, October 7th. Zacks Investment Research lowered Rite Aid Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Guggenheim reiterated a “neutral” rating and issued a $2.00 price objective on shares of Rite Aid Corporation in a research report on Monday, October 2nd. Loop Capital reiterated a “hold” rating and issued a $2.00 price objective (down from $2.50) on shares of Rite Aid Corporation in a research report on Friday, September 29th. Finally, Royal Bank Of Canada started coverage on Rite Aid Corporation in a research report on Tuesday, September 19th. They issued a “sector perform” rating and a $2.50 price objective for the company. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $3.73.
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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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