Rite Aid Co. (RAD) Sees Significant Drop in Short Interest

Rite Aid Co. (NYSE:RAD) was the recipient of a significant drop in short interest during the month of December. As of December 15th, there was short interest totalling 162,245,876 shares, a drop of 2.3% from the November 30th total of 166,036,981 shares. Currently, 15.4% of the company’s shares are short sold. Based on an average daily volume of 20,645,549 shares, the short-interest ratio is presently 7.9 days.

Several equities research analysts recently issued reports on RAD shares. Loop Capital started coverage on shares of Rite Aid in a research report on Monday, September 11th. They set a “hold” rating and a $2.50 price objective for the company. Royal Bank of Canada started coverage on shares of Rite Aid in a research report on Tuesday, September 19th. They set a “sector perform” rating and a $2.50 price objective for the company. Guggenheim restated a “neutral” rating and set a $2.00 price objective on shares of Rite Aid in a research report on Monday, October 2nd. Zacks Investment Research cut shares of Rite Aid from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Finally, Mizuho cut 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. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Rite Aid presently has a consensus rating of “Hold” and a consensus price target of $3.15.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Pinnacle Associates Ltd. increased its position in shares of Rite Aid by 8.1% during the second 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 during the last quarter. Comerica Bank increased its position in shares of Rite Aid by 9.2% during the second quarter. Comerica Bank now owns 44,460 shares of the company’s stock valued at $111,000 after acquiring an additional 3,753 shares during the last quarter. Utah Retirement Systems increased its position in shares of Rite Aid by 2.6% during the second 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 during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Rite Aid by 0.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,772,210 shares of the company’s stock valued at $8,177,000 after acquiring an additional 11,385 shares during the last quarter. Finally, Advisor Group Inc. increased its position in shares of Rite Aid by 49.8% during the second quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock valued at $101,000 after acquiring an additional 12,140 shares during the last quarter. Institutional investors and hedge funds own 50.72% of the company’s stock.

Shares of Rite Aid (NYSE RAD) opened at $2.03 on Monday. Rite Aid has a 12-month low of $1.38 and a 12-month high of $8.77. The firm has a market cap of $2,160.00, a PE ratio of 18.45 and a beta of 1.83. The company has a debt-to-equity ratio of 3.66, a quick ratio of 0.77 and a current ratio of 0.86.

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Rite Aid Company Profile

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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