Francesca’s Holdings news for Wednesday concerning a new investors has FRAN stock soaring.
All of the hubbub around Francesca’s Holdings (NASDAQ:FRAN) today comes from Cross River Capital Management taking a stake in the company. The privately owned hedge fund reveled that it now has a 20.3% stake in FRAN.
Cross River Capital Management specifically targets smaller companies with its investments. This includes those that have a market capitalization of less than $1.50 billion. It’s recent investment in FRAN stock is likely filling investors with confidence in the retail chain, reports Benzinga.
The Francesca’s Holdings news for today is good news for the company’s stock. The retail sector has been struggling these last few years, which makes the large investment from Cross River Capital Management a welcome sight.
Francesca’s is a retail chain that has been in operation since 1999. It’s first store was opened in Houston, Texas and it has spread out from there. The company focuses on selling apparel, accessories and other merchandise that appeal to women. It currently operates more than 700 locations across the U.S.
FRAN stock started off trading on Wednesday at $5.16. This had it sitting at around 52% above its closing price of $3.39 on Tuesday. The stock has mellowed out since then, but is still sitting at around $4.03 as of noon today. This has FRAN stock up roughly 18%.
As of this writing, William White did not hold a position in any of the aforementioned securities.