Rite Aid Corporation (NYSE:RAD) shares are trading higher Wednesday. The gain, backed by unusually high volume, follows a rough week for Rite Aid stock.
What To Know: The week began badly for the stock, with shares falling sharply on Monday following a report suggesting the company plans to shut down hundreds of stores as part of a bankruptcy plan. The number of stores anticipated to be closed range between 400 and 500 of the company’s 2,100 locations, according to a Wall Street Journal report, with some of its creditors pushing for more closures.
Shares continued to slide downward on Tuesday before rising nearly 60% on Wednesday on abnormally high volume.
It is also worth noting that the stock has increased short interest, with 20.74% of the shares currently sold short, which may play into Wednesday’s price move.
Related Link: Cannabis Stocks Move As Schumer Pledges To Bring Bill To Senate Floor: Expect GOP Pushback
RAD Price Action: Shares of RAD were up 20% at $0.51 at the time of publication, according to Benzinga Pro.
Image by 652234 from Pixabay
