Fred’s (FRED) Shares Gap Down to $2.50

Fred’s, Inc. (NASDAQ:FRED) gapped down prior to trading on Wednesday . The stock had previously closed at $2.10, but opened at $2.50. Fred’s shares last traded at $2.43, with a volume of 16785 shares traded.

A number of brokerages recently issued reports on FRED. Loop Capital set a $2.00 price objective on shares of Fred’s and gave the stock a “hold” rating in a report on Monday. ValuEngine upgraded shares of Fred’s from a “hold” rating to a “buy” rating in a report on Thursday, August 2nd.

The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.42 and a current ratio of 1.66.

Fred’s (NASDAQ:FRED) last issued its quarterly earnings data on Thursday, June 14th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.42). The business had revenue of $437.11 million during the quarter. Fred’s had a negative return on equity of 30.90% and a negative net margin of 7.08%. During the same period in the previous year, the company earned ($1.02) EPS.

A number of large investors have recently modified their holdings of the stock. OppenheimerFunds Inc. boosted its holdings in Fred’s by 5.8% during the first quarter. OppenheimerFunds Inc. now owns 1,811,645 shares of the company’s stock valued at $5,417,000 after acquiring an additional 99,333 shares during the period. Weber Alan W bought a new stake in Fred’s during the second quarter valued at about $228,000. LMR Partners LLP bought a new stake in Fred’s during the second quarter valued at about $268,000. Schwab Charles Investment Management Inc. boosted its holdings in Fred’s by 42.2% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,121,498 shares of the company’s stock valued at $3,354,000 after acquiring an additional 332,999 shares during the period. Finally, Millennium Management LLC bought a new stake in Fred’s during the fourth quarter valued at about $108,000. Hedge funds and other institutional investors own 67.72% of the company’s stock.

About Fred’s (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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