- The beaten-down pharmacy retailer Rite Aid Corporation ( NYSE: RAD ) climbed ~20% Tuesday on above-average volume, rallying alongside a buoyant broader market.
- About 3.0M Rite Aid ( RAD ) shares have changed hands compared to the 65-day average volume of ~2.6M.
- However, with its stock continuing to trade ~48% below the year-ago level, Rite Aid ( RAD ) shares have yet to surpass the mid-September levels. About 18% of the company’s float represents short interest.
- The rally coincides with gains in the major indices after Walmart ( WMT ) topped Street forecasts with its Q3 2022 results, and data on producer prices indicated signs of moderating inflation.
- Wall Street has remained bearish on Rite Aid ( RAD ) stock, with an average rating of Strong Sell from analysts. However, the Seeking Alpha Author ratings identify RAD as a Hold alongside SA’s Quant System, which consistently beats the market.
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Rite Aid spikes 20% on above average volume