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Ascena Retail (ASNA) Stock Gaining on Golden Gate Stake

NEW YORK (TheStreet) --Shares of Ascena Retail Group (ASNA - Get Report) are higher by 4.01% to $14.77 at the start of trading on Friday morning, after the private equity firm Golden Gate Capital disclosed a 9% stake in the Ann Taylor stores owner.

Golden Gate believes Ascena Retail's shares are an "attractive investment" but are "significantly undervalued" the firm said in a regulatory filing, according to the Wall Street Journal.

The firm is looking to help Ascena Retail reach its "substantial potential as a public company," the Journal noted.

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Ascena Retail owns the clothing stores Dress Barn and Lane Bryant and has been known for offering products to older and plus sized women. However, the company's recent purchase of the Ann Taylor parent earlier this year is expanding its market to young women, as well as tweens with its Justice line.

Separately, TheStreet Ratings team rates ASCENA RETAIL GROUP INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about...