Rite Aid Co. (NYSE:RAD) was the recipient of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 143,458,714 shares, a decline of 8.8% from the January 12th total of 157,377,704 shares. Currently, 13.6% of the company’s shares are sold short. Based on an average daily volume of 19,487,817 shares, the days-to-cover ratio is presently 7.4 days.
A number of 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% during the second quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock worth $101,000 after buying an additional 12,140 shares during the period. Verition Fund Management LLC purchased a new position in shares of Rite Aid during the second quarter worth $120,000. Sequoia Financial Advisors LLC purchased a new position in shares of Rite Aid during the fourth quarter worth $101,000. Harbor Advisors LLC boosted its position in shares of Rite Aid by 300.0% during the third quarter. Harbor Advisors LLC now owns 80,000 shares of the company’s stock worth $157,000 after buying an additional 60,000 shares during the period. Finally, Brave Asset Management Inc. boosted its holdings in Rite Aid by 52.4% in the fourth quarter. Brave Asset Management Inc. now owns 80,000 shares of the company’s stock valued at $158,000 after purchasing an additional 27,500 shares during the period. 51.68% of the stock is owned by institutional investors.
A number of equities analysts recently issued reports on the company. Zacks Investment Research raised Rite Aid from a “sell” rating to a “hold” rating in a research report on Monday, February 5th. Vetr raised Rite Aid from a “buy” rating to a “strong-buy” rating and set a $2.54 target price on the stock in a research report on Thursday, January 25th. Evercore ISI began coverage on Rite Aid in a research report on Thursday, January 4th. They set an “underperform” rating and a $1.50 target price on the stock. Deutsche Bank assumed coverage on Rite Aid in a research report on Monday, December 4th. They set a “hold” rating and a $2.25 target price on the stock. Finally, Royal Bank of Canada set a $2.00 price objective on Rite Aid and gave the company a “hold” rating in a report on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $2.75.
Rite Aid (NYSE RAD) traded down $0.18 during trading hours on Wednesday, hitting $2.02. The company had a trading volume of 77,738,059 shares, compared to its average volume of 28,899,639. The company has a debt-to-equity ratio of 3.66, a quick ratio of 0.59 and a current ratio of 0.86. The firm has a market capitalization of $2,160.00, a PE ratio of 18.36 and a beta of 1.76. Rite Aid has a 12-month low of $1.38 and a 12-month high of $6.04.
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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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