Freedom (NASDAQ:FRHC) Stock Price Up 6.9% - Here's What Happened

Key Points

• Freedom Holding Corp. shares rose 6.9% on Wednesday, trading as high as $157.53 before last changing hands near $159.26, above the prior close of $148.91.
• Analyst sentiment remains cautious: Weiss Ratings upgraded the stock to Hold, while KeyCorp reaffirmed a market perform rating. The current consensus rating is Hold with a $138.00 price target.
• The company recently reported mixed quarterly results, missing earnings expectations with EPS of $0.13 versus $0.87 expected, but posting revenue of $486.15 million, well above forecasts.

Shares of Freedom Holding Corp. (NASDAQ:FRHC - Get Free Report) shot up 6.9% during trading on Wednesday . The stock traded as high as $157.53 and last traded at $159.2550. Approximately 142,516 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 134,362 shares. The stock had previously closed at $148.91.

Analysts Set New Price Targets

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

Freedom Price Performance

The company has a debt-to-equity ratio of 0.03, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50 day moving average price of $145.13 and a 200 day moving average price of $137.90. The firm has a market cap of $9.70 billion, a PE ratio of 63.11 and a beta of 0.68.

Freedom (NASDAQ:FRHC - Get Free Report) last posted its quarterly earnings data on Tuesday, June 2nd. The company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.87 by ($0.74). The firm had revenue of $486.15 million during the quarter, compared to analysts' expectations of $124.14 million. Freedom had a net margin of 7.00% and a return on equity of 11.50%.

Insider Activity

In other Freedom news, CTO Renat Tukanov sold 1,800 shares of Freedom stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $140.82, for a total value of $253,476.00. Following the sale, the chief technology officer owned 10,200 shares of the company's stock, valued at approximately $1,436,364. The trade was a 15.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Azamat Yerdessov sold 16,800 shares of Freedom stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $155.48, for a total value of $2,612,064.00. Following the completion of the sale, the insider directly owned 227,442 shares in the company, valued at $35,362,682.16. This represents a 6.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 18,957 shares of company stock valued at $2,915,891 over the last quarter. Corporate insiders own 70.00% of the company's stock.

Institutional Trading of Freedom

Hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd grew its holdings in Freedom by 290.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 207 shares of the company's stock worth $25,000 after acquiring an additional 154 shares during the period. Parallel Advisors LLC boosted its position in shares of Freedom by 476.2% during the 1st quarter. Parallel Advisors LLC now owns 363 shares of the company's stock worth $53,000 after purchasing an additional 300 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Freedom by 111.7% during the 4th quarter. Wells Fargo & Company MN now owns 506 shares of the company's stock worth $62,000 after purchasing an additional 267 shares in the last quarter. CoreCap Advisors LLC acquired a new position in shares of Freedom during the 2nd quarter worth $78,000. Finally, Royal Bank of Canada grew its stake in shares of Freedom by 67.2% during the 1st 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. 1.26% of the stock is owned by institutional investors and hedge funds.

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.

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