Rite Aid Looks to Retail-Trader Bandwagon to Revive Shares (1)

Rite Aid Corp. is hoping that the current iteration of meme-stock mania can provide a boost for its beaten-down shares.

The pharmacy chain, which has seen its stock decline by about 38% over the past year, plans to host a virtual event catering to retail investors on Aug. 24, according to a statement. Its chief executive and head of finance are slated to appear.

“This is an important stakeholder group for our company, and we want to continue to build upon our engagement with them,” said Terri Hickey, a spokesperson for Rite Aid.

While many companies have seen their ...