Rite Aid Co. (RAD) Short Interest Down 7.5% in November

Rite Aid Co. (NYSE:RAD) was the recipient of a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 166,036,981 shares, a decline of 7.5% from the November 15th total of 179,559,792 shares. Based on an average daily volume of 35,370,246 shares, the short-interest ratio is currently 4.7 days. Currently, 15.8% of the shares of the company are sold short.

Rite Aid (RAD) traded up $0.05 on Friday, hitting $2.39. 58,072,192 shares of the company’s stock were exchanged, compared to its average volume of 29,710,000. The company has a market capitalization of $2,540.00, a price-to-earnings ratio of 21.73 and a beta of 1.83. Rite Aid has a fifty-two week low of $1.38 and a fifty-two week high of $8.77. The company has a current ratio of 0.86, a quick ratio of 0.59 and a debt-to-equity ratio of 3.66.

Several research firms have recently weighed in on RAD. Royal Bank of Canada began coverage on shares of Rite Aid in a report on Tuesday, September 19th. They set a “sector perform” rating and a $2.50 price objective for the company. Vetr cut shares of Rite Aid from a “strong-buy” rating to a “buy” rating and set a $2.47 price objective for the company. in a report on Thursday. Zacks Investment Research cut shares of Rite Aid from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Evercore ISI initiated coverage on shares of Rite Aid in a report on Thursday, January 4th. They set an “underperform” rating and a $1.50 target price for the company. Finally, Mizuho reduced their target price on shares of Rite Aid from $2.95 to $2.25 and set a “neutral” rating for the company in a report on Friday, October 6th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $2.74.

Institutional investors and hedge funds have recently bought and sold shares of the business. Advisor Group Inc. boosted its position in shares of Rite Aid by 49.8% in the second quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock worth $101,000 after purchasing an additional 12,140 shares during the period. Pinnacle Associates Ltd. boosted its position in shares of Rite Aid by 8.1% in the second quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock worth $115,000 after purchasing an additional 2,900 shares during the period. Verition Fund Management LLC bought a new position in shares of Rite Aid during the second quarter worth $120,000. Geneva Advisors LLC boosted its position in shares of Rite Aid by 6.5% during the second quarter. Geneva Advisors LLC now owns 43,000 shares of the company’s stock worth $127,000 after acquiring an additional 2,616 shares during the last quarter. Finally, Comerica Bank boosted 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 worth $111,000 after acquiring an additional 3,753 shares during the last quarter. Institutional investors and hedge funds own 50.72% of the company’s stock.

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About Rite Aid

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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