Freddie Mac (OTCMKTS:FMCC – Get Free Report)’s share price shot up 6.8% during mid-day trading on Wednesday. The stock traded as high as $3.70 and last traded at $3.61. 392,116 shares were traded during mid-day trading, a decline of 86% from the average session volume of 2,727,265 shares. The stock had previously closed at $3.38.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on FMCC. Keefe, Bruyette & Woods cut their price target on shares of Freddie Mac from $6.50 to $3.50 and set an “underperform” rating on the stock in a research report on Monday, September 28th. Mizuho set a $4.00 price target on shares of Freddie Mac and gave the stock a “neutral” rating in a research note on Monday, October 12th. Finally, Wedbush restated an “outperform” rating and issued a $6.00 price target on shares of Freddie Mac in a research note on Thursday. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.38.
Read Our Latest Research Report on Freddie Mac
Freddie Mac Trading Up 14.8%
The firm has a market cap of $2.57 billion, a price-to-earnings ratio of 344.00 and a beta of 1.74. The firm’s 50 day simple moving average is $4.58 and its two-hundred day simple moving average is $5.57.
About Freddie Mac
Freddie Mac, formally known as the Federal Home Loan Mortgage Corporation, is a government-sponsored enterprise focused on supporting liquidity, stability and affordability in the U.S. housing market. It operates primarily in the secondary mortgage market rather than making most home loans directly to consumers.
The company purchases residential mortgage loans from approved lenders, providing those institutions with funds to make additional loans. Freddie Mac also pools eligible mortgages into securities that it guarantees and sells to investors.
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