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

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Rite Aid Co. (NYSE:RAD) was the target of a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 111,399,642 shares, a growth of 4.4% from the January 15th total of 106,738,612 shares. Based on an average trading volume of 14,599,553 shares, the short-interest ratio is presently 7.6 days. Approximately 10.6% of the shares of the stock are sold short.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Rite Aid by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 94,321,789 shares of the company’s stock worth $120,732,000 after buying an additional 2,006,919 shares during the period. Vanguard Group Inc lifted its holdings in Rite Aid by 2.2% during the 3rd quarter. Vanguard Group Inc now owns 94,321,789 shares of the company’s stock worth $120,732,000 after buying an additional 2,006,919 shares during the period. BlackRock Inc. lifted its holdings in Rite Aid by 1.9% during the 4th quarter. BlackRock Inc. now owns 75,443,713 shares of the company’s stock worth $53,438,000 after buying an additional 1,432,479 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its holdings in Rite Aid by 3.3% during the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 23,359,420 shares of the company’s stock worth $29,900,000 after buying an additional 754,940 shares during the period. Finally, Northern Trust Corp lifted its holdings in Rite Aid by 1.7% during the 4th quarter. Northern Trust Corp now owns 12,436,209 shares of the company’s stock worth $8,804,000 after buying an additional 207,598 shares during the period. 50.06% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts recently weighed in on the company. Loop Capital reduced their price objective on Rite Aid from $1.35 to $1.00 and set a “hold” rating on the stock in a research report on Thursday, December 20th. Zacks Investment Research lowered Rite Aid from a “buy” rating to a “hold” rating in a research report on Monday, December 3rd. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. Rite Aid currently has an average rating of “Hold” and a consensus price target of $2.04.

Shares of RAD stock opened at $0.80 on Thursday. The firm has a market cap of $872.89 million, a P/E ratio of -39.81 and a beta of 1.97. Rite Aid has a twelve month low of $0.60 and a twelve month high of $2.30. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.90 and a current ratio of 1.59.

Rite Aid (NYSE:RAD) last issued its quarterly earnings data on Wednesday, December 19th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.02. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.45 billion. Rite Aid had a negative return on equity of 0.94% and a net margin of 2.85%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. Equities research analysts expect that Rite Aid will post -0.02 EPS for the current fiscal year.

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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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