Rite Aid Co. (NYSE:RAD) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 152,862,134 shares, an increase of 20.9% from the February 28th total of 126,483,717 shares. Based on an average daily volume of 19,489,720 shares, the short-interest ratio is presently 7.8 days. Currently, 14.4% of the shares of the stock are sold short.
Several analysts have commented on the company. Loop Capital dropped their price objective on Rite Aid from $1.35 to $1.00 and set a “hold” rating on the stock in a report on Thursday, December 20th. Zacks Investment Research upgraded Rite Aid from a “hold” rating to a “buy” rating and set a $0.75 target price on the stock in a research report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $1.92.
Shares of NYSE RAD traded down $0.06 during midday trading on Monday, hitting $0.44. The stock had a trading volume of 32,682,373 shares, compared to its average volume of 15,916,068. Rite Aid has a 1 year low of $0.44 and a 1 year high of $2.12. The company has a debt-to-equity ratio of 2.93, a quick ratio of 0.90 and a current ratio of 1.68.
Rite Aid (NYSE:RAD) last announced its quarterly earnings data on Thursday, April 11th. The company reported ($0.01) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.02. Rite Aid had a negative return on equity of 1.21% and a negative net margin of 1.95%. The firm had revenue of $5.38 billion for the quarter, compared to the consensus estimate of $5.56 billion. During the same quarter last year, the business posted ($0.01) earnings per share. As a group, sell-side analysts forecast that Rite Aid will post 0.03 EPS for the current year.
A number of institutional investors have recently made changes to their positions in RAD. Mercer Global Advisors Inc. ADV purchased a new stake in Rite Aid in the first quarter valued at $53,000. Cumberland Advisors Inc. raised its position in Rite Aid by 24.2% in the first quarter. Cumberland Advisors Inc. now owns 923,000 shares of the company’s stock valued at $586,000 after purchasing an additional 180,000 shares during the period. Geode Capital Management LLC raised its position in Rite Aid by 8.4% in the fourth quarter. Geode Capital Management LLC now owns 11,154,998 shares of the company’s stock valued at $7,901,000 after purchasing an additional 868,486 shares during the period. Norges Bank purchased a new stake in Rite Aid in the fourth quarter valued at $6,491,000. Finally, HRT Financial LLC purchased a new stake in Rite Aid in the fourth quarter valued at $55,000. Hedge funds and other institutional investors own 45.76% of the company’s stock.
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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