Freddie Mac (OTCMKTS:FMCC) Shares Climb 6.8% – Here’s What Happened

Shares of Freddie Mac (OTCMKTS:FMCC) shot up 6.8% during mid-day trading on Wednesday. The stock traded as high as $3.70 and last traded at $3.61. Approximately 392,116 shares changed hands 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.

Analyst Ratings Changes

A number of research firms recently commented on FMCC. Mizuho set a $4.00 target price on Freddie Mac and gave the stock a “neutral” rating in a research report on Monday, October 12th. Keefe, Bruyette & Woods cut 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. Finally, Wedbush began coverage on Freddie Mac in a research note on Friday, July 31st. They issued an “outperform” rating and a $12.00 price objective on the stock. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.88.

Freddie Mac Stock Up 4.7%

The company has a 50 day simple moving average of $4.65 and a two-hundred day simple moving average of $5.60. The company has a market capitalization of $2.30 billion, a P/E 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.