Freedom (NASDAQ:FRHC) Trading Up 11.9% – Time to Buy?

Freedom Holding Corp. (NASDAQ:FRHC) shot up 11.9% on Wednesday . The stock traded as high as $148.65 and last traded at $145.96. 73,485 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 124,738 shares. The stock had previously closed at $130.47.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FRHC. Weiss Ratings raised shares of Freedom from a “sell (d+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. KeyCorp reaffirmed a “market perform” rating on shares of Freedom in a research note on Friday, June 5th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $138.00.

Freedom Price Performance

The company has a 50 day moving average of $143.62 and a 200 day moving average of $136.55. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $9.94 billion, a price-to-earnings ratio of 64.63 and a beta of 0.68.

Freedom (NASDAQ:FRHC) last issued its earnings results on Tuesday, June 2nd. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.74). Freedom had a net margin of 7.00% and a return on equity of 11.50%. The firm had revenue of $486.15 million during the quarter, compared to analyst estimates 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 stock was sold at an average price of $155.48, for a total transaction of $2,612,064.00. Following the sale, the insider owned 227,442 shares of the company’s stock, valued at approximately $35,362,682.16. This trade represents a 6.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Renat Tukanov sold 1,800 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $140.82, for a total transaction of $253,476.00. Following the sale, the chief technology officer directly owned 10,200 shares in the company, valued at approximately $1,436,364. The trade was a 15.00% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 18,957 shares of company stock worth $2,915,891. 70.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Freedom

A number of hedge funds have recently modified their holdings of FRHC. Caitong International Asset Management Co. Ltd raised its position in Freedom by 290.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 207 shares of the company’s stock valued at $25,000 after purchasing an additional 154 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Freedom by 476.2% in the first quarter. Parallel Advisors LLC now owns 363 shares of the company’s stock valued at $53,000 after purchasing an additional 300 shares during the period. Wells Fargo & Company MN raised its stake in shares of Freedom by 111.7% during the fourth 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. Royal Bank of Canada lifted its holdings in shares of Freedom by 67.2% during the first 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 period. Finally, Barclays PLC grew its position in Freedom by 600.8% in the 4th quarter. Barclays PLC now owns 904 shares of the company’s stock valued at $110,000 after buying an additional 775 shares during the last quarter. 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.