Freddie Mac (OTCMKTS:FMCC) Reaches New 52-Week Low After Analyst Downgrade

Freddie Mac (OTCMKTS:FMCC)’s share price hit a new 52-week low during mid-day trading on Tuesday after Mizuho downgraded the stock from an outperform rating to a neutral rating. Mizuho now has a $4.00 price target on the stock. Freddie Mac traded as low as $3.01 and last traded at $3.15, with a volume of 10,623,556 shares trading hands. The stock had previously closed at $3.68.

Several other brokerages also recently weighed in on FMCC. BTIG Research downgraded shares of Freddie Mac from a “buy” rating to a “neutral” rating in a report on Tuesday, June 16th. Keefe, Bruyette & Woods decreased 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 note on Monday, September 28th. Finally, Wedbush started coverage on shares of Freddie Mac in a report 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. According to MarketBeat, Freddie Mac currently has an average rating of “Hold” and a consensus target price of $9.88.

Freddie Mac Price Performance

The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 292.29 and a beta of 1.74. The stock has a fifty day simple moving average of $4.82 and a 200-day simple moving average of $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.