NEW YORK ( TheStreet) -- Fred's (Nasdaq: FRED) hit a new 52-week high Friday as it is currently trading at $14.79, above its previous 52-week high of $14.78 with 44,851 shares traded as of 11:28 a.m. ET. Average volume has been 321,200 shares over the past 30 days.

Fred's has a market cap of $541.1 million and is part of the services sector and retail industry. Shares are up 6.7% year to date as of the close of trading on Thursday.

Fred's, Inc. and its subsidiaries sell general merchandise through retail discount stores and pharmacies in the southeastern United States. The company has a P/E ratio of 17.8, equal to the average retail industry P/E ratio and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Fred's as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, good cash flow from operations, compelling growth in net income and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows low profit margins. You can view the full Fred's Ratings Report.

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