Zacks Investment Research Lowers Freedom (NASDAQ:FRHC) to Hold

Zacks Investment Research lowered shares of Freedom (NASDAQ:FRHC) from a strong-buy rating to a hold rating in a research note published on Tuesday morning, Zacks.com reports.

According to Zacks, “Freedom Holding Corp. is a financial services holding company conducting retail financial brokerage, investment counseling, securities trading, investment banking and underwriting services through its subsidiaries. It operates primarily in Kazakhstan, Russia, Kyrgyzstan, Ukraine and Cyprus. Freedom Holding Corp., formerly knonw as BMB Munai Inc., is headquartered in Almaty, Kazakhstan. “

Shares of NASDAQ:FRHC opened at $66.90 on Tuesday. The stock’s 50-day moving average price is $68.48 and its 200-day moving average price is $65.61. Freedom has a 12-month low of $42.03 and a 12-month high of $72.43. The stock has a market capitalization of $3.98 billion, a P/E ratio of 11.26 and a beta of 1.09. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.06.

Freedom (NASDAQ:FRHC) last announced its quarterly earnings data on Sunday, November 7th. The company reported $3.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $2.53. The firm had revenue of $312.82 million for the quarter, compared to analysts’ expectations of $139.47 million. Freedom had a return on equity of 101.94% and a net margin of 52.90%. As a group, research analysts predict that Freedom will post 6.46 EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of FRHC. Morgan Stanley grew its stake in shares of Freedom by 10,469.2% in the second quarter. Morgan Stanley now owns 208,108 shares of the company’s stock worth $13,558,000 after purchasing an additional 206,139 shares during the last quarter. Valiant Capital Management L.P. purchased a new position in shares of Freedom during the third quarter valued at approximately $8,136,000. Penserra Capital Management LLC purchased a new position in shares of Freedom during the second quarter valued at approximately $7,531,000. Jump Financial LLC purchased a new position in shares of Freedom during the second quarter valued at approximately $2,039,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of Freedom during the second quarter valued at approximately $1,896,000. 2.16% of the stock is currently owned by institutional investors.

About Freedom

Freedom Holding Corp., through its subsidiaries, provides retail securities brokerage, research, investment counseling, securities trading, market making, corporate investment banking, and underwriting services. The company offers investment brokerage services for exchange-traded and over-the-counter corporate equity and debt securities, money market instruments, exchange traded options and futures contracts, government bonds, and mutual funds; Margin Lending services collateralized by securities and cash in the customer's account; various investment education and training courses; and investment research services.

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