Fred's (NASDAQ:FRED) declared that its board has approved a stock buyback plan, which allows the company to buyback 3,800,000 shares on Wednesday, December 6th, EventVestor reports. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Several research firms recently commented on FRED. Zacks Investment Research downgraded shares of Fred's from a “hold” rating to a “sell” rating in a research note on Thursday, September 7th. Loop Capital began coverage on shares of Fred's in a research note on Thursday, August 24th. They issued a “hold” rating and a $6.00 price target on the stock. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $13.50.

Shares of Fred's (NASDAQ:FRED) traded down $0.12 on Wednesday, hitting $5.09. 943,900 shares of the stock were exchanged, compared to its average volume of 1,186,979. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.45 and a current ratio of 1.90. Fred's has a twelve month low of $4.21 and a twelve month high of $21.77.

Fred's (NASDAQ:FRED) last issued its quarterly earnings results on Wednesday, December 6th. The company reported ($0.42) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.29). Fred's had a negative return on equity of 4.02% and a negative net margin of 6.08%. The company had revenue of $493.60 million for the quarter, compared to analyst estimates of $499.77 million. During the same period in the prior year, the business earned ($0.27) earnings per share. Fred's’s revenue for the quarter was down 4.5% compared to the same quarter last year. analysts anticipate that Fred's will post -0.39 earnings per share for the current year.

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About Fred's

Fred’s, Inc (Fred’s) is engaged in the sale of general merchandise through its retail discount stores and full service pharmacies. The Company sells general merchandise to its over 20 franchisees. The Company 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.

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