Freddie Mac (OTCMKTS:FMCC) Stock Jumps 6.8% – Here’s What Happened

Freddie Mac (OTCMKTS:FMCC)’s stock price shot up 6.8% on Wednesday. The company traded as high as $3.70 and last traded at $3.61. Approximately 392,116 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 2,727,265 shares. The stock had previously closed at $3.38.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Keefe, Bruyette & Woods cut their target price 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 report on Monday, October 12th. Finally, Wedbush began coverage on shares of Freddie Mac in a research report on Friday, July 31st. They issued an “outperform” rating and a $12.00 price target for the company. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $9.88.

Freddie Mac Trading Up 4.7%

The business’s 50-day moving average price is $4.65 and its 200-day moving average price is $5.60. The stock has a market cap of $2.30 billion, a PE ratio of 354.35 and a beta of 1.74.

Freddie Mac Company Profile

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.