Bank of New York Mellon Corp Invests $6.30 Million in Freedom Holding Corp. $FRHC

Key Points

• Bank of New York Mellon acquired 48,292 shares of Freedom Holding worth approximately $6.3 million, while institutional investors collectively own 1.26% of the company.
• Analysts maintain a generally neutral outlook, with an average “Hold” rating and a consensus price target of $159; ratings include one Buy and two Holds.
• Freedom shares opened at $164.54, near the upper end of their 52-week range, despite the company reporting quarterly EPS of $0.52—below the $0.87 consensus estimate. Insiders have sold $1.15 million of stock over the past three months.

Bank of New York Mellon Corp acquired a new position in Freedom Holding Corp. (NASDAQ:FRHC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 48,292 shares of the company's stock, valued at approximately $6,301,000. Bank of New York Mellon Corp owned approximately 0.08% of Freedom at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Caitong International Asset Management Co. Ltd raised its holdings in shares of Freedom by 290.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 207 shares of the company's stock valued at $25,000 after buying an additional 154 shares during the last quarter. Parallel Advisors LLC increased its stake in 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 in the last quarter. Wells Fargo & Company MN lifted its holdings in 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 acquiring an additional 267 shares in the last quarter. CoreCap Advisors LLC acquired a new position in shares of Freedom in the 2nd quarter valued at approximately $78,000. Finally, Royal Bank of Canada increased its position 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 acquiring an additional 236 shares in the last quarter. 1.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. KeyCorp reissued a "market perform" rating on shares of Freedom in a research report on Friday, June 5th. Wedbush set a $180.00 price target on Freedom in a research report on Thursday, August 6th. HC Wainwright restated a "buy" rating on shares of Freedom in a report on Monday, July 20th. Finally, Weiss Ratings lowered shares of Freedom from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, August 27th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average 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 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 of the company's stock, valued at approximately $8,025,294. This represents a 9.54% 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 Freedom stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $140.82, for a total transaction of $253,476.00. Following the transaction, the chief technology officer directly owned 10,200 shares of the company's stock, valued at approximately $1,436,364. This trade represents a 15.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 7,157 shares of company stock valued at $1,150,377. Corporate insiders own 69.80% of the company's stock.

Freedom Price Performance

Freedom stock opened at $164.54 on Friday. The stock has a market cap of $10.50 billion, a P/E ratio of 65.04 and a beta of 0.69. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.04. The company's 50 day moving average price is $156.77 and its two-hundred day moving average price is $146.40. Freedom Holding Corp. has a 52 week low of $107.97 and a 52 week high of $177.15.

Freedom (NASDAQ:FRHC - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.35). The firm had revenue of $554.96 million during 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%.

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.

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