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NEW YORK ( TheStreet) -- Fred's (Nasdaq: FRED) hit a new 52-week high Wednesday as it is currently trading at $15.28, above its previous 52-week high of $15.27 with 65,417 shares traded as of 12:14 p.m. ET. Average volume has been 274,800 shares over the past 30 days. Fred's has a market cap of $538.5 million and is part of the services sector and retail industry. Shares are up 3.2% year to date as of the close of trading on Tuesday. Fred's, Inc., together with its subsidiaries, engages in the sale of general merchandise through retail discount stores and full service pharmacies in the southeastern United States. The company has a P/E ratio of 16.1, equal to the average retail industry P/E ratio and below the S&P 500 P/E ratio of 17.7.