Fred’s (FRED) Trading Down 8.7%

Fred’s, Inc. (NASDAQ:FRED)’s share price fell 8.7% on Tuesday . The company traded as low as $2.60 and last traded at $2.61. 526,374 shares were traded during trading, a decline of 57% from the average session volume of 1,227,292 shares. The stock had previously closed at $2.86.

Separately, Loop Capital set a $2.00 price objective on shares of Fred’s and gave the stock a “hold” rating in a research report on Monday, September 10th.

The company has a quick ratio of 0.43, a current ratio of 1.83 and a debt-to-equity ratio of 1.26.

Fred’s (NASDAQ:FRED) last posted its quarterly earnings data on Thursday, September 13th. The company reported ($0.62) earnings per share for the quarter. The company had revenue of $419.66 million for the quarter. Fred’s had a negative return on equity of 47.11% and a negative net margin of 7.58%.

In related news, major shareholder Alden Global Capital Llc acquired 974,000 shares of the stock in a transaction that occurred on Wednesday, October 17th. The stock was purchased at an average price of $2.68 per share, with a total value of $2,610,320.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have purchased a total of 4,179,000 shares of company stock valued at $11,794,720 in the last ninety days. 27.20% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the business. Jane Street Group LLC purchased a new position in Fred’s in the 2nd quarter valued at approximately $177,000. Weber Alan W purchased a new position in Fred’s in the 2nd quarter valued at approximately $228,000. LMR Partners LLP purchased a new position in Fred’s in the 2nd quarter valued at approximately $268,000. Ancora Advisors LLC boosted its position in Fred’s by 67.2% in the 3rd quarter. Ancora Advisors LLC now owns 294,523 shares of the company’s stock valued at $601,000 after buying an additional 118,332 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in Fred’s in the 3rd quarter valued at approximately $332,000. 62.24% of the stock is owned by institutional investors.

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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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