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.
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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