Rite Aid Corporation (RAD) Short Interest Up 16.4% in May

Rite Aid Corporation (NYSE:RAD) was the recipient of a significant increase in short interest in the month of May. As of May 31st, there was short interest totalling 43,298,017 shares, an increase of 16.4% from the May 15th total of 37,183,421 shares. Currently, 4.1% of the shares of the stock are sold short. Based on an average trading volume of 24,189,850 shares, the short-interest ratio is presently 1.8 days.

RAD has been the topic of a number of research analyst reports. Credit Suisse Group reaffirmed an “outperform” rating and set a $6.50 target price on shares of Rite Aid Corporation in a report on Monday, March 20th. Zacks Investment Research raised Rite Aid Corporation from a “sell” rating to a “hold” rating in a report on Monday, February 27th. Guggenheim lowered Rite Aid Corporation from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. Deutsche Bank AG reaffirmed a “hold” rating and set a $6.50 target price (down from $9.00) on shares of Rite Aid Corporation in a report on Monday, March 6th. Finally, Vetr raised Rite Aid Corporation from a “buy” rating to a “strong-buy” rating and set a $6.58 target price on the stock in a report on Thursday, March 2nd. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $6.21.

Rite Aid Corporation (RAD) opened at 3.00 on Friday. Rite Aid Corporation has a 12-month low of $2.90 and a 12-month high of $8.77. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 750.00 and a beta of 1.85. The company’s 50-day moving average price is $3.65 and its 200-day moving average price is $5.56.

Several institutional investors have recently modified their holdings of the stock. First Republic Investment Management Inc. raised its position in Rite Aid Corporation by 0.5% in the fourth quarter. First Republic Investment Management Inc. now owns 115,686 shares of the company’s stock valued at $953,000 after buying an additional 567 shares during the last quarter. Hefty Wealth Partners raised its position in Rite Aid Corporation by 1.6% in the first quarter. Hefty Wealth Partners now owns 47,240 shares of the company’s stock valued at $200,000 after buying an additional 740 shares during the last quarter. Cohen Capital Management Inc. raised its position in Rite Aid Corporation by 3.4% in the first quarter. Cohen Capital Management Inc. now owns 26,978 shares of the company’s stock valued at $115,000 after buying an additional 875 shares during the last quarter. NEXT Financial Group Inc raised its position in Rite Aid Corporation by 2.4% in the first quarter. NEXT Financial Group Inc now owns 37,800 shares of the company’s stock valued at $151,000 after buying an additional 900 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in Rite Aid Corporation by 0.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 141,287 shares of the company’s stock valued at $600,000 after buying an additional 968 shares during the last quarter. 56.94% of the stock is currently owned by institutional investors and hedge funds.

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About Rite Aid Corporation

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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