Short Interest in Rite Aid Corporation (RAD) Declines By 8.0%

Rite Aid Corporation (NYSE:RAD) was the recipient of a large decrease in short interest in October. As of October 31st, there was short interest totalling 169,333,232 shares, a decrease of 8.0% from the October 13th total of 183,965,577 shares. Based on an average trading volume of 22,120,071 shares, the short-interest ratio is presently 7.7 days. Approximately 16.1% of the company’s stock are sold short.

Shares of Rite Aid Corporation (NYSE:RAD) opened at $1.50 on Wednesday. The company has a debt-to-equity ratio of 9.71, a current ratio of 1.74 and a quick ratio of 0.77. Rite Aid Corporation has a 52 week low of $1.38 and a 52 week high of $8.77.

Rite Aid Corporation (NYSE:RAD) last issued its earnings results on Thursday, September 28th. The company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). Rite Aid Corporation had a negative return on equity of 7.51% and a net margin of 0.28%. The business had revenue of $7.68 billion for the quarter, compared to the consensus estimate of $7.83 billion. During the same period last year, the business posted $0.03 EPS. The company’s revenue was down 4.4% compared to the same quarter last year. equities research analysts anticipate that Rite Aid Corporation will post -0.1 earnings per share for the current year.

RAD has been the subject of a number of analyst reports. Royal Bank Of Canada initiated coverage on Rite Aid Corporation in a research report on Tuesday, September 19th. They set a “sector perform” rating and a $2.50 price objective for the company. Loop Capital reaffirmed a “hold” rating and set a $2.00 price objective (down previously from $2.50) on shares of Rite Aid Corporation in a research report on Friday, September 29th. Guggenheim reaffirmed a “neutral” rating and set a $2.00 price objective on shares of Rite Aid Corporation in a research report on Monday, October 2nd. Zacks Investment Research lowered Rite Aid Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Finally, Mizuho reduced their price objective on Rite Aid Corporation from $2.95 to $2.25 and set a “neutral” rating for the company in a research report on Friday, October 6th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $3.68.

In other news, Director Myrtle S. Potter sold 28,189 shares of the stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $2.09, for a total value of $58,915.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.29% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of RAD. FMR LLC boosted its stake in Rite Aid Corporation by 204.0% during the 2nd quarter. FMR LLC now owns 29,123,366 shares of the company’s stock valued at $85,914,000 after purchasing an additional 19,542,772 shares during the last quarter. OxFORD Asset Management LLP purchased a new stake in Rite Aid Corporation during the 2nd quarter valued at $14,659,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Rite Aid Corporation by 100.4% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,412,603 shares of the company’s stock valued at $15,967,000 after purchasing an additional 2,711,300 shares during the last quarter. First Trust Advisors LP purchased a new stake in Rite Aid Corporation during the 3rd quarter valued at $5,050,000. Finally, Dimensional Fund Advisors LP boosted its stake in Rite Aid Corporation by 71.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,745,233 shares of the company’s stock valued at $9,302,000 after purchasing an additional 1,973,023 shares during the last quarter. Institutional investors and hedge funds own 53.01% of the company’s stock.

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Rite Aid Corporation 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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