Freedom (NASDAQ:FRHC) Shares Down 6.4% - Time to Sell?

Key Points

• Freedom Holding shares fell 6.4% to about $159.80 on heavier-than-usual selling, though trading volume was below the stock’s average session volume. The consensus analyst rating is “Hold,” with a $159 price target.
• The company’s latest quarterly results were mixed: EPS of $0.52 missed the $0.87 consensus estimate, while revenue reached $554.96 million versus analysts’ $124.14 million forecast.
• Insiders sold nearly 19,000 shares worth approximately $2.9 million over the past three months, while institutional ownership remains low at 1.26%; insiders continue to own a substantial 69.8% stake.

Freedom Holding Corp. (NASDAQ:FRHC - Get Free Report) traded down 6.4% on Monday . The company traded as low as $159.59 and last traded at $159.7950. Approximately 46,276 shares traded hands during trading, a decline of 64% from the average session volume of 130,040 shares. The stock had previously closed at $170.66.

Wall Street Analyst Weigh In

FRHC has been the subject of a number of research reports. Weiss Ratings raised Freedom from a "sell (d+)" rating to a "hold (c)" rating in a report on Tuesday, June 2nd. Wedbush set a $180.00 price target on shares of Freedom in a research note on Thursday, August 6th. KeyCorp reiterated a "market perform" rating on shares of Freedom in a research note on Friday, June 5th. Finally, HC Wainwright restated a "buy" rating on shares of Freedom in a research report on Monday, July 20th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $159.00.

Freedom Trading Down 7.4%

The business's 50 day moving average price is $150.43 and its two-hundred day moving average price is $143.11. 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 company has a market capitalization of $10.08 billion, a price-to-earnings ratio of 62.46 and a beta of 0.67.

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

Insider Activity

In related news, CTO Renat Tukanov sold 1,800 shares of Freedom stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $140.82, for a total transaction of $253,476.00. Following the completion of the transaction, the chief technology officer owned 10,200 shares of the company's stock, valued at $1,436,364. This trade represents a 15.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Azamat Yerdessov sold 16,800 shares of the business's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $155.48, for a total transaction of $2,612,064.00. Following the completion of the transaction, the insider owned 227,442 shares in the company, valued at approximately $35,362,682.16. The trade was a 6.88% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 18,957 shares of company stock valued at $2,915,891. 69.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Amundi acquired a new stake in Freedom during the first quarter worth approximately $483,000. Millennium Management LLC boosted its holdings in shares of Freedom by 648.1% during the 1st quarter. Millennium Management LLC now owns 121,942 shares of the company's stock worth $16,117,000 after buying an additional 105,641 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Freedom by 214.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 75,018 shares of the company's stock worth $9,915,000 after buying an additional 51,159 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Freedom by 11.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 37,068 shares of the company's stock worth $4,899,000 after buying an additional 3,771 shares during the period. Finally, Jane Street Group LLC grew its position in shares of Freedom by 86.1% during the 1st quarter. Jane Street Group LLC now owns 7,583 shares of the company's stock worth $1,002,000 after buying an additional 3,509 shares during the period. 1.26% of the stock is owned by institutional investors.

About Freedom

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source