Freedom (NASDAQ:FRHC) Trading 6.1% Higher – Here’s Why

Freedom Holding Corp. (NASDAQ:FRHC) shot up 6.1% during mid-day trading on Thursday . The stock traded as high as $169.70 and last traded at $168.86. 179,887 shares were traded during trading, an increase of 39% from the average session volume of 129,417 shares. The stock had previously closed at $159.15.

Analysts Set New Price Targets

FRHC has been the subject of a number of recent analyst reports. Wedbush set a $180.00 price target on shares of Freedom in a research note on Thursday, August 6th. HC Wainwright restated a “buy” rating on shares of Freedom in a research note on Monday, July 20th. Weiss Ratings raised shares of Freedom from a “sell (d+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Finally, KeyCorp reiterated a “market perform” rating on shares of Freedom in a research note on Friday, June 5th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Freedom currently has a consensus rating of “Hold” and a consensus price target of $159.00.

Freedom Price Performance

The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a market capitalization of $10.89 billion, a price-to-earnings ratio of 67.45 and a beta of 0.67. The business has a fifty day moving average of $150.43 and a two-hundred day moving average of $142.97.

Freedom (NASDAQ:FRHC) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.35). Freedom had a net margin of 6.47% and a return on equity of 10.96%. The business had revenue of $554.96 million during the quarter, compared to the consensus estimate of $124.14 million.

Insider Activity

In other news, insider Azamat Yerdessov sold 16,800 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $155.48, for a total transaction of $2,612,064.00. Following the completion of the sale, the insider owned 227,442 shares in the company, valued at approximately $35,362,682.16. This trade represents a 6.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Andrew Gamble sold 357 shares of Freedom stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $141.04, for a total transaction of $50,351.28. Following the sale, the director directly owned 677 shares of the company’s stock, valued at $95,484.08. The trade was a 34.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 18,957 shares of company stock valued at $2,915,891 over the last ninety days. 69.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Freedom

Several hedge funds have recently bought and sold shares of FRHC. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Freedom by 290.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 207 shares of the company’s stock worth $25,000 after acquiring an additional 154 shares during the period. Parallel Advisors LLC increased its stake in shares of Freedom by 476.2% during the first quarter. Parallel Advisors LLC now owns 363 shares of the company’s stock worth $53,000 after purchasing an additional 300 shares during the period. Wells Fargo & Company MN lifted its holdings in Freedom by 111.7% during the 4th quarter. Wells Fargo & Company MN now owns 506 shares of the company’s stock worth $62,000 after purchasing an additional 267 shares during the last quarter. CoreCap Advisors LLC acquired a new stake in Freedom during the 2nd quarter worth approximately $78,000. Finally, Royal Bank of Canada lifted its holdings in Freedom by 67.2% during the 1st quarter. Royal Bank of Canada now owns 587 shares of the company’s stock worth $85,000 after purchasing an additional 236 shares during the last quarter. 1.26% of the stock is currently owned by institutional investors and hedge funds.

Freedom Company Profile

Freedom Holding Corp (NASDAQ: FRHC) is a diversified financial services holding company that provides a broad range of brokerage, trading, investment banking, and asset management services. Through its subsidiaries, the company caters to retail, institutional, and corporate clients by offering access to global capital markets, equity and fixed-income trading, and research-driven investment strategies.

The firm’s product suite includes online and over-the-counter brokerage platforms, margin lending, securities underwriting, and M&A advisory services.