Fred’s (FRED) Shares Up 11.6%

Shares of Fred’s, Inc. (NASDAQ:FRED) shot up 11.6% on Tuesday . The company traded as high as $0.53 and last traded at $0.48. 895,495 shares were traded during mid-day trading, an increase of 26% from the average session volume of 713,059 shares. The stock had previously closed at $0.43.

Separately, ValuEngine upgraded Fred’s from a “hold” rating to a “buy” rating in a research report on Monday, April 1st.

The company has a current ratio of 1.47, a quick ratio of 0.32 and a debt-to-equity ratio of 0.09.

Fred’s announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 30th that authorizes the company to repurchase 3,500,000 outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

A number of large investors have recently made changes to their positions in FRED. Morgan Stanley grew its position in Fred’s by 3,270.7% in the first quarter. Morgan Stanley now owns 394,471 shares of the company’s stock valued at $975,000 after acquiring an additional 382,768 shares during the period. Royce & Associates LP grew its position in Fred’s by 15.2% in the fourth quarter. Royce & Associates LP now owns 1,818,269 shares of the company’s stock valued at $3,437,000 after acquiring an additional 239,900 shares during the period. Renaissance Technologies LLC grew its position in Fred’s by 35.9% in the first quarter. Renaissance Technologies LLC now owns 800,945 shares of the company’s stock valued at $1,978,000 after acquiring an additional 211,400 shares during the period. D. E. Shaw & Co. Inc. bought a new stake in shares of Fred’s during the fourth quarter worth $135,000. Finally, Virtu Financial LLC bought a new stake in shares of Fred’s during the fourth quarter worth $77,000. Hedge funds and other institutional investors own 68.10% of the company’s stock.

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Fred’s Company Profile (NASDAQ:FRED)

Fred's, Inc, together with its subsidiaries, sells general merchandise through its retail discount stores and full service pharmacies. The company, through its stores, offers health, beauty, and personal care products; household cleaning supplies, disposable diapers, pet foods, and paper products; and various general merchandise, and food and beverage products to low, middle, and fixed income families located in small- to medium-sized towns.

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