Rite Aid (NYSE:RAD) stock is heading higher on Friday as speculation about activist investors turning the company around spreads online.
The latest talk suggests that management changes at the battered pharmacy chain could signal involvement from activist investors. Rite Aid announced earlier this week plans to realign its management team after a rough start to the year.
It’s not just investors online that believe activists could be taking an interest in Rite Aid. Dealreporter also has the company listed on its activist watchlist. It points to the drop in the stock’s value as one of the factors that could draw in activist investors.
It’s also worth highlighting that RAD stock is experiencing heavy trading today alongside the activist speculation. This has almost 4 million shares on the move as of this writing. For comparison, the company’s daily average trading volume is around 2.8 million shares.
It’s been a hard year for Rite Aid with the economy suffering even after exiting a two-year pandemic. That’s put pressure on retailers, such as the pharmacy. As a result of that, as well as other factors, RAD stock is down 43.9% since the start of the year.
RAD has regained some of its lost ground throughout the week and is currently up 10.7% as of Friday afternoon.
Investors seeking out more of the hottest stock market news for Friday are in luck!
We’ve got a collection of all the latest stock market news traders need to know about today! A few examples of that include what’s happening with shares of Intel (NASDAQ:INTC), United Airlines (NASDAQ:UAL), and ToughBuilt (NASDAQ:TBLT) stock today. You can get up to speed on that news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.