Rite Aid Co. (NYSE:RAD) was the recipient of a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 117,744,376 shares, a decrease of 19.5% from the February 15th total of 146,207,083 shares. Based on an average daily trading volume, of 47,974,511 shares, the days-to-cover ratio is currently 2.5 days. Currently, 11.5% of the shares of the company are sold short.
Rite Aid (NYSE RAD) opened at $1.63 on Thursday. Rite Aid has a 52 week low of $1.38 and a 52 week high of $5.15. The stock has a market capitalization of $1,740.00, a price-to-earnings ratio of 14.82 and a beta of 1.78. The company has a quick ratio of 0.59, a current ratio of 0.86 and a debt-to-equity ratio of 3.66.
Several large investors have recently added to or reduced their stakes in the company. OppenheimerFunds Inc. grew its stake in shares of Rite Aid by 131.0% in the fourth quarter. OppenheimerFunds Inc. now owns 52,907,179 shares of the company’s stock worth $104,227,000 after purchasing an additional 30,008,199 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Rite Aid by 0.3% in the fourth quarter. Franklin Resources Inc. now owns 42,097,200 shares of the company’s stock valued at $82,932,000 after buying an additional 117,105 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its holdings in shares of Rite Aid by 21.4% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 16,457,300 shares of the company’s stock valued at $32,421,000 after buying an additional 2,900,000 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Rite Aid by 46.4% in the fourth quarter. California Public Employees Retirement System now owns 4,824,825 shares of the company’s stock valued at $9,505,000 after buying an additional 1,528,578 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Rite Aid by 71.2% in the third quarter. Dimensional Fund Advisors LP now owns 4,745,233 shares of the company’s stock valued at $9,302,000 after buying an additional 1,973,023 shares during the period. 47.47% of the stock is owned by institutional investors.
A number of brokerages recently commented on RAD. Zacks Investment Research upgraded Rite Aid from a “sell” rating to a “hold” rating in a research note on Monday, February 5th. Evercore ISI assumed coverage on Rite Aid in a research note on Thursday, January 4th. They issued an “underperform” rating and a $1.50 price target for the company. Vetr raised Rite Aid from a “buy” rating to a “strong-buy” rating and set a $2.54 price target for the company in a research note on Thursday, January 25th. Finally, Deutsche Bank assumed coverage on Rite Aid in a research note on Monday, December 4th. They issued a “hold” rating and a $2.25 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $2.75.
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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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