Freddie Mac (OTCMKTS:FMCC – Get Free Report)’s share price traded up 11.3% during mid-day trading on Thursday. The stock traded as high as $3.28 and last traded at $3.25. 5,038,069 shares changed hands during mid-day trading, an increase of 88% from the average daily volume of 2,686,271 shares. The stock had previously closed at $2.92.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on FMCC. Wedbush began coverage on shares of Freddie Mac in a research note on Friday, July 31st. They issued an “outperform” rating and a $12.00 target price on the stock. Mizuho set a $4.00 price target on shares of Freddie Mac and gave the stock a “neutral” rating in a research report on Monday, October 12th. Finally, Keefe, Bruyette & Woods lowered their price target on Freddie Mac from $6.50 to $3.50 and set an “underperform” rating for the company in a report on Monday, September 28th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $9.88.
Check Out Our Latest Research Report on Freddie Mac
Freddie Mac Trading Up 3.0%
The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 343.34 and a beta of 1.74. The firm has a 50-day moving average of $4.73 and a 200 day moving average of $5.65.
Freddie Mac Company Profile
Freddie Mac, formally known as the Federal Home Loan Mortgage Corporation, is a U.S. government-sponsored enterprise that supports liquidity, stability and affordability in the residential mortgage market. Chartered by Congress in 1970, the company operates in the secondary mortgage market rather than primarily originating mortgages directly with individual borrowers.
Freddie Mac purchases qualifying single-family and multifamily mortgages from approved lenders, providing those institutions with funds to make additional loans.
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