Rite Aid (NYSE:RAD) was the target of a large growth in short interest during the month of March. As of March 29th, there was short interest totalling 163,994,755 shares, a growth of 11.9% from the March 15th total of 146,518,471 shares. Approximately 15.5% of the company’s shares are short sold. Based on an average trading volume of 23,947,474 shares, the days-to-cover ratio is currently 6.8 days.
RAD has been the subject of a number of recent analyst reports. Vetr raised Rite Aid from a “hold” rating to a “strong-buy” rating and set a $2.54 price objective for the company in a research report on Tuesday, January 16th. Zacks Investment Research raised Rite Aid from a “sell” rating to a “hold” rating in a research report on Monday, February 5th. Finally, Evercore ISI initiated coverage on Rite Aid in a research report on Thursday, January 4th. They set an “underperform” rating and a $1.50 price objective for the company. Two analysts have rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $2.33.
Institutional investors have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC purchased a new position in Rite Aid during the 4th quarter valued at about $101,000. Brave Asset Management Inc. boosted its holdings in Rite Aid by 52.4% during the 4th quarter. Brave Asset Management Inc. now owns 80,000 shares of the company’s stock valued at $158,000 after acquiring an additional 27,500 shares during the period. Parametrica Management Ltd purchased a new position in Rite Aid during the 4th quarter valued at about $182,000. State of Alaska Department of Revenue purchased a new position in Rite Aid during the 4th quarter valued at about $195,000. Finally, Xact Kapitalforvaltning AB purchased a new position in Rite Aid during the 4th quarter valued at about $195,000. Institutional investors own 47.46% of the company’s stock.
Rite Aid (NYSE:RAD) last issued its quarterly earnings data on Thursday, April 12th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The firm had revenue of $5.39 billion during the quarter, compared to the consensus estimate of $5.75 billion. Rite Aid had a negative return on equity of 8.25% and a net margin of 3.60%. The firm’s revenue was down 8.6% compared to the same quarter last year. sell-side analysts forecast that Rite Aid will post 0.04 EPS for the current year.
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Rite Aid Company Profile
Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. The company operates through Retail Pharmacy and Pharmacy Services segments. The Retail Pharmacy segment sells prescription drugs; and a range of other merchandise, such as over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other everyday and convenience products.
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