Freedom (NASDAQ:FRHC) Stock Price Breaks Below 50-Day Moving Average – Here’s Why

Freedom Holding Corp. (NASDAQ:FRHC) shares passed below its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $172.27 and traded as low as $165.47. Freedom shares last traded at $165.47, with a volume of 95,472 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. HC Wainwright reaffirmed a “buy” rating on shares of Freedom in a research note on Monday, July 20th. Weiss Ratings upgraded Freedom from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 8th. Finally, Wedbush set a $180.00 price objective on Freedom in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Freedom presently has a consensus rating of “Hold” and an average price target of $159.00.

Freedom Price Performance

The business’s 50-day simple moving average is $171.88 and its 200-day simple moving average is $150.93. The stock has a market cap of $10.08 billion, a PE ratio of 62.45 and a beta of 0.68. 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 posted its 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 return on equity of 10.96% and a net margin of 6.47%. The firm had revenue of $554.96 million for the quarter, compared to analysts’ expectations of $124.14 million.

Insider Buying and Selling

In other news, CFO Valeriy Kim sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $169.31, for a total value of $846,550.00. Following the completion of the transaction, the chief financial officer owned 47,400 shares in the company, valued at $8,025,294. This trade represents a 9.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 69.80% of the stock is owned by company insiders.

Institutional Trading of Freedom

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Freedom during the second quarter valued at approximately $77,900,000. Bank of New York Mellon Corp bought a new position in Freedom in the 2nd quarter valued at approximately $6,301,000. Bank of America Corp DE purchased a new stake in Freedom during the 2nd quarter valued at $5,577,000. Quantinno Capital Management LP boosted its stake in Freedom by 125.0% during the 1st quarter. Quantinno Capital Management LP now owns 28,196 shares of the company’s stock valued at $4,085,000 after purchasing an additional 15,663 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in Freedom during the 2nd quarter valued at $3,106,000. 1.26% of the stock is owned by institutional investors.

About Freedom

Freedom Holding Corp. is a financial services and technology company that provides securities brokerage, investment banking, market research and related services. Through its subsidiaries, it also offers retail banking, insurance and digital financial products. The company serves customers in Kazakhstan and other markets in Central Asia and Europe, as well as clients through its international brokerage operations. In Kazakhstan, Freedom has been developing a digital ecosystem that brings together financial services with offerings such as travel and entertainment.