Rite Aid Co. (NYSE:RAD) Short Interest Update

Rite Aid Co. (NYSE:RAD) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 169,333,232 shares, a drop of 8.0% from the October 13th total of 183,965,577 shares. Based on an average daily trading volume, of 22,120,071 shares, the days-to-cover ratio is presently 7.7 days. Approximately 16.1% of the shares of the stock are sold short.

In related news, Director Myrtle S. Potter sold 28,189 shares of the firm’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $2.09, for a total value of $58,915.01. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.29% of the company’s stock.

A number of hedge funds have recently bought and sold shares of RAD. Advisor Group Inc. boosted its position in 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 last quarter. Smithfield Trust Co. raised its stake in shares of Rite Aid by 37.8% in the second quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock valued at $111,000 after buying an additional 10,330 shares during the period. Comerica Bank raised its stake in shares of Rite Aid by 9.2% in the second quarter. Comerica Bank now owns 44,460 shares of the company’s stock valued at $111,000 after buying an additional 3,753 shares during the period. Pinnacle Associates Ltd. raised its stake 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 valued at $115,000 after buying an additional 2,900 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV raised its stake in shares of Rite Aid by 31.1% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 40,000 shares of the company’s stock valued at $118,000 after buying an additional 9,500 shares during the period. 50.81% of the stock is currently owned by institutional investors and hedge funds.

Shares of Rite Aid (NYSE RAD) traded down $0.12 during trading on Tuesday, reaching $1.76. The company’s stock had a trading volume of 33,007,403 shares, compared to its average volume of 28,119,293. The company has a quick ratio of 0.77, a current ratio of 1.74 and a debt-to-equity ratio of 9.71. Rite Aid has a 12-month low of $1.38 and a 12-month high of $8.77.

Rite Aid (NYSE:RAD) last announced its earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.01). The company had revenue of $7.68 billion for the quarter, compared to analysts’ expectations of $7.83 billion. Rite Aid had a negative return on equity of 7.51% and a net margin of 0.28%. Rite Aid’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.03 earnings per share. research analysts predict that Rite Aid will post -0.1 EPS for the current year.

A number of analysts have recently commented on RAD shares. Loop Capital started coverage on Rite Aid in a research note on Monday, September 11th. They set a “hold” rating and a $2.50 price target on the stock. Zacks Investment Research upgraded Rite Aid from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Deutsche Bank began coverage on Rite Aid in a research report on Monday. They set a “hold” rating and a $2.25 price objective for the company. Royal Bank Of Canada set a $2.00 price objective on Rite Aid and gave the stock a “hold” rating in a research report on Wednesday, October 25th. Finally, Mizuho set a $2.00 target price on Rite Aid and gave the stock a “hold” rating in a report on Saturday, October 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $3.25.

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Rite Aid Company Profile

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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