42,745 Shares in Freedom Holding Corp. $FRHC Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 42,745 shares of Freedom Holding in the second quarter, valued at approximately $5.6 million, giving it a 0.07% stake. Institutional investors collectively own 1.26% of the company.
• Freedom shares opened at $172.08, near their 12-month high of $178.00 and above both their 50-day and 200-day moving averages. The stock has a market capitalization of approximately $10.98 billion and a P/E ratio of 68.02.
• The company reported quarterly EPS of $0.52, missing analysts’ $0.87 estimate, while revenue reached $554.96 million. Analysts maintain a consensus “Hold” rating with a $159 target price, and the CFO recently sold 5,000 shares for approximately $846,550.

Bank of America Corp DE acquired a new position in shares of Freedom Holding Corp. (NASDAQ:FRHC - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 42,745 shares of the company's stock, valued at approximately $5,577,000. Bank of America Corp DE owned 0.07% of Freedom at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Parallel Advisors LLC increased its holdings in shares of Freedom by 476.2% in the 1st quarter. Parallel Advisors LLC now owns 363 shares of the company's stock valued at $53,000 after purchasing an additional 300 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of Freedom by 67.2% in the first quarter. Royal Bank of Canada now owns 587 shares of the company's stock valued at $85,000 after purchasing an additional 236 shares during the period. CoreCap Advisors LLC purchased a new stake in Freedom during the second quarter worth about $78,000. SG Americas Securities LLC boosted its holdings in Freedom by 10.3% during the first quarter. SG Americas Securities LLC now owns 1,274 shares of the company's stock worth $185,000 after buying an additional 119 shares in the last quarter. Finally, SmartHarvest Portfolios LLC acquired a new position in Freedom during the first quarter worth about $215,000. 1.26% of the stock is currently owned by hedge funds and other institutional investors.

Freedom Price Performance

Shares of Freedom stock opened at $172.08 on Monday. The business's fifty day moving average price is $160.84 and its 200 day moving average price is $151.36. Freedom Holding Corp. has a twelve month low of $107.97 and a twelve month high of $178.00. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $10.98 billion, a P/E ratio of 68.02 and a beta of 0.69.

Freedom (NASDAQ:FRHC - Get Free Report) last posted 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). Freedom had a return on equity of 10.96% and a net margin of 6.47%.The business had revenue of $554.96 million for the quarter, compared to analyst estimates of $124.14 million.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FRHC. KeyCorp restated a "market perform" rating on shares of Freedom in a research report on Friday, June 5th. Weiss Ratings lowered shares of Freedom from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, August 27th. HC Wainwright reissued a "buy" rating on shares of Freedom in a research note on Monday, July 20th. Finally, Wedbush set a $180.00 target price on shares of Freedom in a report on Thursday, August 6th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Freedom presently has a consensus rating of "Hold" and a consensus target price of $159.00.

Insider Activity at Freedom

In other news, CFO Valeriy Kim sold 5,000 shares of the company's stock in a transaction dated 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 sale, the chief financial officer owned 47,400 shares of the company's stock, valued at $8,025,294. This represents a 9.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 69.80% of the stock is currently owned by corporate insiders.

Freedom Profile

Freedom Holding Corp. is a financial services company that provides brokerage, banking, investment banking and insurance services through its subsidiaries. The company serves individual and institutional clients with access to securities trading, investment products, research, wealth management and related financial services.

Its brokerage operations offer online and mobile platforms for trading stocks, bonds, exchange-traded funds and other securities. The company also provides investment banking and capital-markets services, including support for corporate financing and securities transactions.

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