BlackRock Inc. Purchases New Holdings in Freedom Holding Corp. $FRHC

Key Points

• BlackRock initiated a position in Freedom Holding, purchasing 597,074 shares valued at approximately $77.9 million, or about 0.97% of the company. Institutional investors overall own 1.26% of outstanding shares.
• Freedom’s stock opened at $174.85, near its 52-week high of $181.88, with a market capitalization of $11.15 billion. However, the company’s latest quarterly EPS of $0.52 fell short of the $0.87 analyst consensus.
• Analyst sentiment remains cautious, with an average “Hold” rating and a $159 price target, while insiders sold 23,957 shares worth $3.76 million over the past 90 days.

BlackRock Inc. bought a new position in shares of Freedom Holding Corp. (NASDAQ:FRHC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 597,074 shares of the company's stock, valued at approximately $77,900,000. BlackRock Inc. owned about 0.97% of Freedom as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Xponance LLC raised its holdings in shares of Freedom by 4.1% during the 4th quarter. Xponance LLC now owns 2,498 shares of the company's stock worth $304,000 after acquiring an additional 98 shares during the period. Police & Firemen s Retirement System of New Jersey increased its holdings in shares of Freedom by 1.2% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 8,110 shares of the company's stock worth $987,000 after buying an additional 98 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Freedom by 10.3% during the 1st quarter. SG Americas Securities LLC now owns 1,274 shares of the company's stock valued at $185,000 after buying an additional 119 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in 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 acquiring an additional 154 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec grew its position in Freedom by 18.2% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 1,406 shares of the company's stock worth $171,000 after acquiring an additional 216 shares during the period. Hedge funds and other institutional investors own 1.26% of the company's stock.

Insiders Place Their Bets

In other Freedom news, Director Andrew Gamble sold 357 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $141.04, for a total value of $50,351.28. Following the completion of the transaction, the director owned 677 shares in the company, valued at approximately $95,484.08. This represents a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Renat Tukanov sold 1,800 shares of the business's stock in a transaction dated 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. This represents a 15.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 23,957 shares of company stock valued at $3,762,441 over the last 90 days. 69.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have commented on FRHC shares. Weiss Ratings cut Freedom from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday. KeyCorp restated a "market perform" rating on shares of Freedom in a report on Friday, June 5th. HC Wainwright reiterated a "buy" rating on shares of Freedom in a research note on Monday, July 20th. Finally, Wedbush set a $180.00 price target on shares of Freedom in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Freedom presently has an average rating of "Hold" and an average target price of $159.00.

Freedom Price Performance

Shares of NASDAQ FRHC opened at $174.85 on Monday. The stock has a market cap of $11.15 billion, a P/E ratio of 69.11 and a beta of 0.67. Freedom Holding Corp. has a twelve month low of $107.97 and a twelve month high of $181.88. The stock has a 50 day moving average of $153.39 and a two-hundred day moving average of $144.85. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.04.

Freedom (NASDAQ:FRHC - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported $0.52 EPS for the quarter, missing analysts' consensus estimates of $0.87 by ($0.35). The business had revenue of $554.96 million during the quarter, compared to analyst estimates of $124.14 million. Freedom had a net margin of 6.47% and a return on equity of 10.96%.

Freedom 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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