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Friday, December 27, 2019

Heavily shorted Rite Aid has surged nearly 3x since earnings topper

Rite Aid (RAD +12.8%) rallies to a new 52-week high and has nearly tripled in nine days after reporting much better than expected Q3 earnings and guidance.
The stock soared 42% on Dec. 19, the day it reported earnings, but it has continued to rise every day since then.
RAD also is one of the most shorted stocks on the market, as more than 29% of the company’s shares have been shorted, according to Refinitiv.
The combination has RAD shares on pace for their best month since April 2009 and has turned a 41% YTD loss prior to the company’s Q3 earnings report into a 56% gain for the year.

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