Short Interest in Rite Aid Co. (RAD) Drops By 13.2%

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Rite Aid Co. (NYSE:RAD) was the target of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 140,891,676 shares, a decrease of 13.2% from the October 15th total of 162,254,669 shares. Based on an average daily volume of 10,778,745 shares, the short-interest ratio is currently 13.1 days. Currently, 13.4% of the shares of the stock are short sold.

Shares of NYSE RAD opened at $1.31 on Wednesday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.94 and a current ratio of 1.62. The stock has a market cap of $1.38 billion, a PE ratio of -65.50 and a beta of 1.48. Rite Aid has a 12-month low of $0.98 and a 12-month high of $2.55.

Rite Aid (NYSE:RAD) last announced its earnings results on Thursday, September 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $5.42 billion for 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 revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.01) EPS.

Hedge funds and other institutional investors have recently made changes to their positions in the company. HRT Financial LLC purchased a new stake in shares of Rite Aid during the 2nd quarter valued at about $105,000. Private Management Group Inc. purchased a new stake in shares of Rite Aid during the 2nd quarter valued at about $11,435,000. Alpine Associates Management Inc. raised its position in shares of Rite Aid by 35.0% during the 2nd quarter. Alpine Associates Management Inc. now owns 13,514,200 shares of the company’s stock valued at $22,840,000 after buying an additional 3,502,400 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Rite Aid during the 2nd quarter valued at about $105,000. Finally, Sarbit Advisory Services Inc. purchased a new stake in shares of Rite Aid during the 2nd quarter valued at about $7,987,000. Hedge funds and other institutional investors own 55.29% of the company’s stock.

Several research analysts have commented on the stock. Zacks Investment Research raised shares of Rite Aid from a “sell” rating to a “hold” rating in a report on Friday, October 5th. Loop Capital set a $1.00 price objective on shares of Rite Aid and gave the company a “hold” rating in a report on Friday, September 28th. Royal Bank of Canada set a $1.00 price objective on shares of Rite Aid and gave the company a “hold” rating in a report on Monday, September 24th. Goldman Sachs Group assumed coverage on shares of Rite Aid in a report on Thursday, September 6th. They set a “sell” rating and a $1.00 price objective for the company. Finally, Cowen downgraded shares of Rite Aid from an “outperform” rating to a “market perform” rating and increased their price objective for the company from $2.35 to $6.00 in a report on Monday, August 13th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $2.16.

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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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