The stock of Fred’s, Inc. (NASDAQ:FRED) gapped up by $0.15 today and has $16.57 target or 61.00% above today’s $10.29 share price. The 7 months technical chart setup indicates low risk for the $384.32 million company. The gap was reported on Oct, 4 by Barchart.com. If the $16.57 price target is reached, the company will be worth $234.44 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 13.58% or $1.23 during the last trading session, hitting $10.29. About 497,849 shares traded hands or 90.13% up from the average. Fred’s, Inc. (NASDAQ:FRED) has declined 30.10% since March 1, 2016 and is downtrending. It has underperformed by 42.31% the S&P500.
Fred’s, Inc. (NASDAQ:FRED) Ratings Coverage
Out of 3 analysts covering Fred’s (NASDAQ:FRED), 0 rate it a “Buy”, 2 “Sell”, while 1 “Hold”. This means 0 are positive. Fred’s has been the topic of 8 analyst reports since August 7, 2015 according to StockzIntelligence Inc. The company was downgraded on Monday, August 10 by Stephens. M Partners maintained Fred’s, Inc. (NASDAQ:FRED) rating on Monday, August 31. M Partners has “Neutral” rating and $14 price target. Deutsche Bank maintained Fred’s, Inc. (NASDAQ:FRED) rating on Tuesday, May 31. Deutsche Bank has “Hold” rating and $15 price target. Stephens downgraded the shares of FRED in a report on Friday, August 7 to “Overweight” rating. M Partners maintained it with “Neutral” rating and $16 target price in Wednesday, November 25 report. The firm earned “Sell” rating on Wednesday, August 31 by Deutsche Bank. Stephens downgraded the stock to “Underperform” rating in Wednesday, August 31 report.
According to Zacks Investment Research, “Fred’s, Inc. operates discount general merchandise stores in a number states in the southeastern United States. Fred’s stores generally serve low, middle and fixed income families located in small to medium sized towns. The majority of the company’s stores have full service pharmacies. The company also markets goods and services to franchised Fred’s stores.”
Insitutional Activity: The institutional sentiment decreased to 1 in Q2 2016. Its down 1.06, from 2.06 in 2016Q1. The ratio dived, as 9 funds sold all Fred’s, Inc. shares owned while 37 reduced positions. 12 funds bought stakes while 34 increased positions. They now own 33.17 million shares or 0.45% less from 33.32 million shares in 2016Q1.
Highbridge Capital Ltd Liability Corporation accumulated 11,788 shares or 0% of the stock. Moreover, Cornerstone Capital Management Holdings Ltd Liability has 0.02% invested in Fred’s, Inc. (NASDAQ:FRED) for 186,953 shares. New York State Common Retirement Fund has invested 0% of its portfolio in Fred’s, Inc. (NASDAQ:FRED). California Pub Employees Retirement Systems has 245,493 shares for 0.01% of their US portfolio. Blackrock Inc has 0% invested in the company for 9,267 shares. Barrow Hanley Mewhinney & Strauss Ltd Liability Co last reported 69,272 shares in the company. Texas Permanent School Fund holds 26,771 shares or 0.01% of its portfolio. Citigroup reported 15,949 shares or 0% of all its holdings. Aqr Mngmt accumulated 43,961 shares or 0% of the stock. Public Employees Retirement Association Of Colorado holds 0% of its portfolio in Fred’s, Inc. (NASDAQ:FRED) for 12,020 shares. Sector Pension Investment Board holds 24,088 shares or 0% of its portfolio. Metropolitan Life Ny accumulated 0% or 25,686 shares. Pnc Serv Gp Incorporated, a Pennsylvania-based fund reported 426 shares. Invesco Ltd, a Georgia-based fund reported 94,987 shares. Profund Advsr Limited Liability Com last reported 11,456 shares in the company.
Insider Transactions: Since May 27, 2016, the stock had 0 insider purchases, and 12 selling transactions for $986,658 net activity. 5,000 shares were sold by HAYES MICHAEL, worth $55,500 on Thursday, September 1. On Tuesday, September 13 the insider Dely Mark C sold $11,938. The insider Holligan Mike sold 1,517 shares worth $22,254. Chambers Ricky sold $102,683 worth of Fred’s, Inc. (NASDAQ:FRED) on Tuesday, May 31.
More important recent Fred’s, Inc. (NASDAQ:FRED) news were published by: Prnewswire.com which released: “Eiris Health Services, fred’s Inc. Pharmacy-Owned Specialty Pharmacy, is Now …” on October 03, 2016, also Schaeffersresearch.com published article titled: “Analyst Update: Heron Therapeutics Inc, Fred’s, Inc., and Cognizant Technology …”, Zacks.com published: “Should You Get Rid of Fred’s, Inc. (FRED) Now?” on September 28, 2016. More interesting news about Fred’s, Inc. (NASDAQ:FRED) was released by: Investorplace.com and their article: “Bear of the Day: Fred’s Inc. Slides on Its Outlook (FRED)” with publication date: September 08, 2016.
FRED Company Profile
Fred’s, Inc. (Fred’s), incorporated on June 22, 1960, is engaged in the sale of general merchandise through its retail discount stores and full service pharmacies. The Firm sells general merchandise to its over 20 franchisees. The Firm has approximately 660 retail stores, over 370 pharmacies, and approximately three specialty pharmacy facilities located in over 15 states mainly in the Southeastern United States. The Firm is licensed to dispense pharmaceuticals in approximately 50 states. The Firm operates approximately 640 company-owned stores, including over 60 express stores (or Xpress stores). Fred’s is a combination of pharmacy, dollar store and mass merchant strategically located in smaller markets. The Firm offers various product categories, including consumables, such as tobacco, food and beverage, prescription pharmaceuticals, paper and cleaning supplies, pet supplies, health and beauty aids, and discretionary products, such as home decor, seasonal merchandise, auto and hardware, and lawn and garden.
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