Freedom (NASDAQ:FRHC) Trading Up 6.1% – What’s Next?

Freedom Holding Corp. (NASDAQ:FRHC)’s share price 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 mid-day 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

Several equities analysts recently commented on the stock. HC Wainwright reiterated a “buy” rating on shares of Freedom in a report on Monday, July 20th. KeyCorp reissued a “market perform” rating on shares of Freedom in a research note on Friday, June 5th. Wedbush set a $180.00 target price on Freedom in a research report on Thursday, August 6th. Finally, Weiss Ratings upgraded Freedom from a “sell (d+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $159.00.

Freedom Stock Performance

The firm has a market cap of $10.81 billion, a PE ratio of 66.99 and a beta of 0.67. The business has a 50 day simple moving average of $149.31 and a two-hundred day simple moving average of $142.49. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.04.

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

Insider Activity at Freedom

In other Freedom news, Director Andrew Gamble sold 357 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $141.04, for a total value of $50,351.28. Following the completion of 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Azamat Yerdessov sold 16,800 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $155.48, for a total transaction of $2,612,064.00. Following the completion of the transaction, the insider owned 227,442 shares in the company, valued at $35,362,682.16. This represents a 6.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 18,957 shares of company stock worth $2,915,891 in the last 90 days. 69.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Freedom during the 2nd quarter valued at $77,900,000. First Trust Advisors LP bought a new position in shares of Freedom during the 3rd quarter worth $31,591,000. Millennium Management LLC grew its position in shares of Freedom by 648.1% during the 1st quarter. Millennium Management LLC now owns 121,942 shares of the company’s stock worth $16,117,000 after buying an additional 105,641 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Freedom by 214.4% during the first quarter. Goldman Sachs Group Inc. now owns 75,018 shares of the company’s stock valued at $9,915,000 after buying an additional 51,159 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in shares of Freedom during the second quarter valued at $6,301,000. 1.26% of the stock is currently owned by hedge funds and other institutional investors.

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.