Rite Aid Co. (NYSE:RAD) was the target of a large decline in short interest in February. As of February 28th, there was short interest totalling 117,744,376 shares, a decline of 19.5% from the February 15th total of 146,207,083 shares. Based on an average daily volume of 47,974,511 shares, the days-to-cover ratio is currently 2.5 days. Currently, 11.5% of the shares of the stock are short sold.
A number of analysts recently commented on the stock. Evercore ISI assumed coverage on shares of Rite Aid in a report on Thursday, January 4th. They issued an “underperform” rating and a $1.50 target price on the stock. Zacks Investment Research downgraded shares of Rite Aid from a “hold” rating to a “sell” rating in a report on Tuesday, January 9th. Vetr downgraded shares of Rite Aid from a “strong-buy” rating to a “buy” rating and set a $2.47 target price on the stock. in a report on Thursday, January 11th. Finally, Deutsche Bank assumed coverage on shares of Rite Aid in a report on Monday, December 4th. They issued a “hold” rating and a $2.25 target price on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Rite Aid has a consensus rating of “Hold” and an average target price of $2.75.
Shares of Rite Aid (NYSE:RAD) opened at $1.61 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.86 and a debt-to-equity ratio of 3.66. Rite Aid has a fifty-two week low of $1.38 and a fifty-two week high of $5.08. The company has a market cap of $1,740.26, a P/E ratio of 10.73 and a beta of 1.79.
Several hedge funds have recently added to or reduced their stakes in RAD. Dimensional Fund Advisors LP raised its holdings 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 period. First Trust Advisors LP acquired a new stake in shares of Rite Aid during the third quarter valued at approximately $5,050,000. State of Wisconsin Investment Board raised its holdings in shares of Rite Aid by 158.1% during the third quarter. State of Wisconsin Investment Board now owns 1,858,975 shares of the company’s stock valued at $3,644,000 after acquiring an additional 1,138,648 shares during the period. New York State Common Retirement Fund raised its holdings in shares of Rite Aid by 4.6% during the third quarter. New York State Common Retirement Fund now owns 2,278,140 shares of the company’s stock valued at $4,465,000 after acquiring an additional 100,500 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in shares of Rite Aid by 75.3% during the third quarter. Russell Investments Group Ltd. now owns 219,886 shares of the company’s stock valued at $431,000 after acquiring an additional 94,436 shares during the period. Institutional investors and hedge funds own 47.47% 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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