Why Rite Aid Stock Popped Today
Portfolio Pulse from Ryan Gustafson
Rite Aid Corporation (NYSE:RAD) shares traded higher on Wednesday following a rough week. The company's stock fell sharply at the start of the week due to a report suggesting the company plans to shut down hundreds of stores as part of a bankruptcy plan. However, shares rose nearly 60% on Wednesday on abnormally high volume. The stock has increased short interest, with 20.74% of the shares currently sold short.
September 27, 2023 | 7:10 pm
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Rite Aid's stock rebounded after a sharp fall due to a report on potential store closures. The stock has increased short interest, which may have contributed to Wednesday's price move.
The sharp rebound in Rite Aid's stock price can be attributed to the high volume of trading and increased short interest. The earlier report of potential store closures as part of a bankruptcy plan had caused a sharp fall in the stock price. However, the high short interest may have led to a short squeeze, contributing to the sharp rise in the stock price on Wednesday.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100