Why Rite Aid Stock Popped Today

Rite Aid Corporation 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.

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RAD Price Action: Shares of RAD were up 20% at $0.51 at the time of publication, according to Benzinga Pro.

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