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Rite Aid Corporation (NYSE:RAD) shares are trading higher Monday. The stock appears to be rebounding after falling more than 50% on Friday.
What To Know:
According to the Wall Street Journal, Rite Aid Corporation is reportedly preparing a bankruptcy filing amid a slew of lawsuits realted to the opiod crisis.
RAD shares are moving on heavy trading volume. According to Benzinga Pro, more than 25.3 million shares have been traded in the session, compared to the stock's 100-day average of 5.223 million shares.
Rite Aid shares have grabbed the attention of retail investors and short-sellers alike. RAD is currently a top trending ticker on Yahoo! Finance, and 16% of available shares are being sold short.
Retail investors have shown interest in beleaguered and even bankrupt companies, including the recent retail-driven run-ups of Yellow Corporation (NASDAQ:YELL) and Tupperware Brands Corporation (NYSE:TUP).
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RAD Price Action: According to Benzinga Pro, Rite Aid Corporation shares are up 11% at 78 cents at the time of publication.
Image: Courtesy of Rite Aid Corporation
