Freddie Mac (OTCMKTS:FMCC) Stock Jumps 11.3% – Here’s What Happened

Freddie Mac (OTCMKTS:FMCC) shares traded up 11.3% during trading on Thursday. The company traded as high as $3.28 and last traded at $3.25. Approximately 5,038,069 shares traded hands during trading, an increase of 88% from the average session volume of 2,686,271 shares. The stock had previously closed at $2.92.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FMCC shares. Wedbush started coverage on Freddie Mac in a research note on Friday, July 31st. They set an “outperform” rating and a $12.00 price target for the company. Keefe, Bruyette & Woods cut their price objective on shares of Freddie Mac from $6.50 to $3.50 and set an “underperform” rating for the company in a research report on Monday, September 28th. Finally, Mizuho set a $4.00 target price on shares of Freddie Mac and gave the company a “neutral” rating in a report on Monday. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $9.88.

Freddie Mac Stock Performance

The company has a market capitalization of $2.11 billion, a PE ratio of 325.33 and a beta of 1.74. The firm’s 50-day simple moving average is $4.82 and its 200 day simple moving average is $5.67.

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.